DBP earmarks P70B for programs in Armm | SunStar

DBP earmarks P70B for programs in Armm

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DBP earmarks P70B for programs in Armm

Sunday, July 30, 2017

THE Development Bank of the Philippines (DBP) sees no impediment in the implementation of the development programs of government, particularly in Mindanao despite the whole island is under martial law.

DBP, which culminated its business roadshow last Friday, July 21, in Cagayan de Oro City as part of its year-long 70th anniversary celebration, assured that their uninterrupted years of public service will continue to support both the public and private business sectors in catalyzing national development.

DBP said that it has earmarked P70 billion for the various programs for the Autonomous Region in Muslim Mindanao with the end-in-view for the region to keep pace with the neighboring areas’ economic growth. Part of the money will be used for the rehabilitation of the war-ravaged Marawi City where government troops are currently fighting a terrorist group.

“We at DBP is optimistic that our thrusts and programs will see its implementation here in Mindanao and elsewhere in the country as we have a good understanding of what the country needs and we have developed the programs to address these needs,” said Cecilia Borromeo, DBP president and chief executive officer.
Borromeo said that Mindanao has many development potentials that have to be realized, and that DBP is seeking partnerships with public, as well as private sector investments, notwithstanding that branch banking services will also continue to provide financial services in areas that are considered unbankable.

“We dare to be present in communities not served by financial institutions, and we cannot be held hostage with isolated and temporary situations, such as the Marawi City siege in carrying out our mandated thrusts, and you could say that we are omnipresent in all economic sectors, in the key industries that promote inclusive growth and poverty reduction,” Borromeo said in an interview.

DBP’s total assets as of the end of second quarter this year was P526 billion, representing nine percent increase from P481.8 billion registered in the same period last year. Deposit level reached 344.4 billion. It posted an impressive net income of 2.65 billion in the second quarter. A significant 34 percent increase from the P1.98 billion in the same period in 2016.

DBP has introduced major development thrusts deliberately designed to respond to the strategic needs of the country’s economy. These thrusts are: to build the country’s infrastructure; promote entrepreneurship; advocate environmental management and protection; and enhancement of social services for all Filipinos across the archipelago.

Through DBP’s Sustainable Enterprises for Economic Development, or Seed program, has increased the contribution of micro small medium enterprises (MSMEs) to sustainable economic development, that which enhanced their access to credit facilities and effectively responded to their funding needs with the alternative ways for them to secure loans. The MSMEs are also provided both credit and non-credit assistance in the form of specialized technical assistance in the areas of marketing, research and development, business advisory, and capability-building.

As of June 2017, a total of P713.33 million in loans have so far been released to 101 women entrepreneurs under DBP’s Inclusive Lending for Aspiring Women Entrepreneurs.

Other development programs are DBP’s sustainable Agribusiness Financing Program where credit is available for production, harvesting, crop marketing, poultry, livestock and fishery; Tree Plantation and Financing Program-assistance for the expansion, harvesting, maintenance; and protection of existing tree plantation in qualified private and public land areas.

DBP has so far approved a total of P37.4 billion for its green financing program as of end June; P12.11 billion has been approved for the health sector; and P12.95 billion for real estate financing program; P7.43 billion for the educational fund program.

Published in the SunStar Cagayan de Oro newspaper on July 31, 2017.


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