DBP inks MOU with OPAPP on fund management

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    Presidential Peace Adviser Carlito Galvez Jr. (2nd from left) and DBP President and Chief Executive Officer Emmanuel Herbosa (center) share a handshake during the signing of the memorandum of understanding between OPAPP and DBP. Also in photo are (from left): DBP Board Director Maria Lourdes Arcenas; Undersecretary Arnulfo Pajarillo; and DBP Trust Officer Ma. Teresa Atienza.

    State-owned Development Bank of the Philippines (DBP) has entered into a partnership with the Office of the Presidential Adviser on the Peace Process (OPAPP) to ensure the proper disbursement and prudent management of funds donated to the agency, a top official said.

    DBP President and Chief Executive Officer Emmanuel G. Herbosa said under the Memorandum of Understanding (MOU) with OPAPP, the Bank’s Trust Banking Group (DBP-TBG) would serve as overall fund manager of OPAPP resources, which are earmarked for the various socio-economic programs of the agency.

    “This partnership is a boon for our development efforts especially in conflict areas in the country,” Herbosa said. “While OPAPP is primarily committed to attaining inclusive and sustainable peace, DBP is driven by a mandate to bring about inclusive and sustainable growth.”

    DBP is the eighth largest bank in the country with assets totaling P667.91-billion as of end June2019. It provides loans to strategic sectors such as infrastructure and logistics, small and medium enterprises, social services and community development, and the environment.

    OPAPP is the lead agency tasked to “oversee, coordinate, and integrate the implementation of the comprehensive peace process of the National Government.”It was created in 1993, through Executive Order (EO) No. 125, which was later amended in 2001 with the signing of EO No. 3.