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Manila Bulletin devider Philippines devider National devider Proposed new Development Bank of the Philippines charter hurdles House

Proposed new Development Bank of the Philippines charter hurdles House

Published Jan 29, 2025 06:29 am

At A Glance

  • The House of Representatives overwhelmingly approved on third and final reading during plenary session Tuesday, Jan. 28 a measure enacting a new charter for the Development Bank of the Philippines (DBP).

FB_IMG_1709566976726.jpgThe House plenary (Facebook)

The House of Representatives overwhelmingly approved on third and final reading during plenary session Tuesday, Jan. 28 a measure enacting a new charter for the Development Bank of the Philippines (DBP).

Granted final House passage on the strength of 199 affirmative votes during nominal voting was House Bill (HB) No.11230, or the proposed New Development Bank of the Philippines Act.

Only three House members voted against the bill, which aims to strengthen the powers and functions of the DBP as the country's premier development financial institution, mandated to provide development financing and financial services to strategic sectors for the achievement of sustained economic growth.

HB No.11230 mandates the DBP to support government programs promoting growth and

increased productivity in such sectors as infrastructure, micro, small and medium enterprises promotion, and high impact programs in education, health care, housing, environmental protection and other social services, with due regard to the preservation of the bank's financial viability and global competitiveness.

Under the bill, the DBP shall serve as a national development policy bank for the implementation of government policies on priority area financing, enhanced competition in financial markets, and the promotion of financial sector development that would lead to improvements in capital allocation and macroeconomic stability.

It authorizes the bank to allocate its unrestricted retained earnings for the increase in the paid-up capital stock of the national government.

The voting power of all common shares owned and controlled by the national government shall be vested in the President of the Philippines or any ex-officio member of the Board.

The measure prescribes the powers and functions of the DBP, including: (1) those provided under Republic Act (RA) No. 11232, or the Revised Corporation Code (RPC) of the Philippines (2) such powers and functions as may be exercised by a universal bank under [RA] No. 8791, or the General Banking Law of 2000; (3) act as official government depository for the National Government, national government agencies, government-owned and controlled corporations, local government units, and autonomous regions; (4) accept and manage trust funds and properties, and carry on the business of a trust corporation (5) establish its own legal insurance fund or obtain insurance coverage from the Government Service Insurance System or other reputable insurance companies:; (6) engage in financial leasing of properties in connection with government projects, and; (7) offer and issue common and preferred shares in such manner and quantities as may be approved by the Secretary of Finance upon the recommendation of the Board; and (8) issue bonds, securities and other evidences of indebtedness and their renewal or refunding within and/or outside of the Philippines, among others.

It also provides for the increase in authorized capital stock from the current fifty billion pesos (P50,000,000,000.00) to three hundred bilion pesos (P300 000,000,000.00), divided into three billion common shares with par value of one hundred pesos (P100.00) per share, of which thirty-two billion pesos (P32,000,000,000.00), or ten and 67/100 percent (10.67 percent) shall be subscribed and fully paid by the national government.

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House of Representatives Development Bank of the Philippines (DBP) Third and Final Reading
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