State-owned Development Bank of the Philippines (DBP)is working closely with the Department of Finance (DOF), state regulators and legislators in introducing reforms in its 26-year-old charter to cater to the demands of an ever-changing market and rapidly-evolving economic landscape, a top official said.
DBP President and Chief Executive Officer Michael O. de Jesus said the bank hopes to hike its authorized capital stock from the current P35 billion to P300 billion to enable DBP to broaden its credit assistance to priority sectors and broaden its menu of financial products and services.
“We are working hand-in-hand with all stakeholders especially the DOF in ensuring that DBP would be able to finance more developmental projects especially in the countryside,” de Jesus said. “These amendments are needed to boost our financial position and make the Bank responsive to the evolving needs of our clients.”
DBP is the eighth largest bank in the country in terms of assets and has been designated as the Infrastructure Bank by the National Government. It has a branch network of 146 full-fledged branches and branch lite units, most of which are located in underserved and unbanked areas of the country.
