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DBP supports PH Development Plan

Business

DBP supports PH Development Plan

By Emmie V. Abadilla

The Development Bank of the Philippines (DBP) is expanding its funding support for industries under the Philippine Development Plan (PDP), announced new President and Chief Executive Officer Michael O. de Jesus.

The state-owned bank rallies behind the government’s “servicification,” of high-growth industries, such as information and communications technology, creatives, tourism, logistics and technology start-ups.

“DBP is one with the National Government in filling the financing gap for emerging and sunrise industries anchored on innovation and technology,” he reiterated.

The state-owned bank could also provide credit to digitalize private firms and businesses, as well as local government units to widen their market reach and scale up in the global value chain, De Jesus explained.

DBP’s developmental mindset and experience in bankrolling pioneering high-impact projects in infrastructure, tourism, transportation, logistics, and health care could serve as a template for these initiatives, he maintained.

“The recent ratification of the Regional Comprehensive Economic Partnership makes it imperative for Philippine firms and businesses to enhance their competitiveness," according to the President.

"DBP can readily provide its resources towards that end,” de Jesus stressed.

"We are in a prime position to support the goals outlined in the PDP, the country’s economic development roadmap."

DBP is the eighth largest bank in the country in terms of assets.It provides credit support to infrastructure and logistics micro, small and medium enterprises (MSMEs) the environment, as well as social services and community development.

The bank is one of the oldest financial institutions nationwide, established primarily to fund post-war recovery and rehabilitation efforts.

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