State-owned Development Bank of the Philippines (DBP) and the Cooperative Development Authority (CDA) have signed a Memorandum of Agreement (MOA) to strengthen cooperative enterprises in the country through improved access to bankfinancing opportunities and capacity building initiatives.
DBP President and Chief Executive Officer Emmanuel Herbosa said the bank’s partnership with CDA allows access to the bank’s credit programs, as well as to training programs on financial and operational management.
“DBP is pleased to partner with CDA in this initiativeas we could efficiently furtherreach out to more cooperative enterprises in the country that need both financing opportunities and mentoring support,” Herbosa said.
DBP is the sixth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy — infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
CDA is the lead government agency responsible for promoting thesustained growth and full development of cooperatives around the country. Based on latest government data, there are an estimated 18,065cooperatives registered with the CDA.
