Tuesday July 17, 2018

DBP to promote 'financial inclusion'

THE state-owned Development Bank of the Philippines (DBP) promotes financial inclusion as it gears towards expanding its branch network this year.

Following its move of opening 10 new branches in the first semester this year nationwide, DBP continues to intensify efforts towards increasing Filipinos' access to a wide range of financial products and services.

At present, branch networks reached to 121 branches.

Newly-opened branches are located in Sta. Cruz, Davao del Sur and Zamboanga ecozone, among others.

More DBP branches are set to be launched this year.

DBP President and CEO Cecilia Borromeo said last Friday's 70th year anniversary business roadshow at Marco Polo Davao-Hotel that by strengthening their presence especially in the underserved areas in the country, the bank supports the development of these areas financing schools, hospitals, farm-to-market roads, and other development infrastructure.

DBP's mandate includes introducing responsive financial products and services to more poor and marginalized communities that have limited access to credit and funding from formal institutions.

She also presented the impressive financial performance of the bank.

DBP's net income reached P1.29 billion for the first quarter of this year, gaining a significant 30.4% increase from P989 million that the bank achieved in the same period last year.

"The hike was due to the sustained growth in our loan portfolio, DBP's loan portfolio grew by 30.6 percent to P232.1B for the first quarter 2017 from just P178 b in the same period in 2016," she said.

"This means DBP continues to support key economic sectors that contribute to the overall development of the country," she added.

Total assets as of end of March this year is at P512.9 billion representing a 6.2 percent increase over last year.

"Needless to say, DBP poise to grow bigger this year and our improved financial performance assures that DBP can continue to support the strategic development thrust of the national government under President Rodrigo Duterte," she said.

At present, DBP has a strong hold in Southeast Mindanao.

Total number of branches reached six with ATM outlets at 42 with Deposit level at P11.953 billion and loan level at P5.033 billion.