State-owned Development Bank of the Philippines (DBP) bagged two awards for its development projects on human capital development and financial inclusion in the recently-concluded Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Development Awards held in Manila, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said the bank’s programs to strengthen organizational capability was adjudged as Outstanding Development Project Award in human capital development while its Expanded Rice Credit Assistance program under the Rice Competitiveness Enhancement Fund (ERCA-RCEF) was awarded a Plaque of Merit for advancing financial inclusion.
“These awards are a testament to the principle that developing people and careers remains a critical factor in contributing to the country’s post-pandemic recovery,” Herbosa said. “It also comes with the equal responsibility to further strive for excellence to ensure timely and unimpeded delivery of financial services to clients to further drive economic growth.
DBP is the fifth 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; environment; social services and community development.
The ADFIAP Development Awards is an annual program that honors member-institutions which have undertaken or assisted projects that have created a development impact in categories such as environment, small and medium enterprises, infrastructure, technology, trade, local economy, corporate governance, and corporate social responsibility.
Herbosa said DBP’s human capital development initiatives, which are heavily anchored on proactive learning and purposive career development innovations, are part of the bank’s integrated approach to enable its employees to meet the challenges posed by the pandemic.
He said these initiatives include an enhanced job rotation program to promote multiskilling, leadership development interventions to ensure business continuity, and an eLearning management system that promoted bankwide competency-building and sustained learning and development.
“We firmly believe that our greatest asset remains our employees and thus providing them with the right tools and learning environment is crucial in ensuring they remain competitive and future-ready,” Herbosa said.
Herbosa said the DBP ERCA-RCEF program is one of the components of the Rice Tariffication Law of 2019, which provides credit support to rice farmers and their cooperatives to enhance productivity and improve their incomes amidst the liberalization of the Philippine rice trade policy.
He said under the ERCA, a total of P1-billion is allotted annually to be equally divided between DBP and Land Bank of the Philippines for a period of six years, which would be made available to rice farmers and cooperatives in the form of a credit facility with nominal interest rates and minimum collateral requirements.
“As a longstanding partner of the ADFIAP in its mission for sustainable development, DBP will continue to support initiatives that will further strengthen development finance in the country,” Herbosa said.
ADFIAP is the association of development banks and financial institutions across the Asia-Pacific region.