State-owned Development Bank of the Philippines (DBP) announced yesterday it will ramp up its lending activities for social services that cover health care, education, housing, and community development this year, a top official said.
DBP President and Chief Executive Officer Cecilia C. Borromeo said the bank is gearing up to support more initiatives that will enhance the delivery of basic social services across the archipelago.
“We’re looking to build more schools and hospitals this year,” Borromeo said. “This is part of our continuing commitment to support government’s efforts to improve social services to our citizens especially in the countryside.”
DBP is the eighth largest bank in the country with assets totaling P557.84-billion as of end-third quarter of 2017. At least 16%, or about P33-billion of the bank’s portfolio is devoted to social services.
Borromeo said that there is still a lot of development work to be done especially in the regions, adding: “development institutions like us have a lot of areas to cover and this includes encouraging and supporting the local leadership in their plans for their constituencies.”
Borromeo said that DBP responds to the financing needs of the country’s health sector through its Sustainable Health Care Investment Program (SHCIP) which aims to liberalize access to health service, making it more available, accessible, and affordable to communities throughout the country, especially to people belonging to the lowest income groups.
The bank also aids the education sector through the DBP Educational Fund Program (DEFP) which has a total loan portfolio of R8 billion as of December 31, 2017 involving 150 projects comprised of school building construction, purchase of equipment, working capital requirements of schools and student loan assistance of local government units, state universities and colleges and private school borrowers.
“We also provide financing for shelter production and secure tenure delivery through our Residential Real Estate Financing Program,” Borromeo said.