State-run Development Bank of the Philippines (DBP) will streamline its menu of lending programs and reallocate its resources towards initiatives that will further strengthen its positioning as the country’s infrastructure bank.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said the bank is reviewing its lending portfolio to concentrate on initiatives that would provide optimal developmental impact to its key client groups while ensuring profitability and sustainability for DBP amidst a slowdown in the economy.
“We are rationalizing our lending programs to maximize available resources to our priority sectors as we assist them in coping with the challenges of a vastly-changing socio-economic landscape,” Herbosa said.
DBP is the eighth largest bank in the country in terms of assets and has been designated as the country’s infrastructure bank by the national government. As of end of March this year, the bank has released a total of P371 billion in loans to borrowers.
Herbosa said DBP needs to update the features of some of its lending programs in order to be more responsive to the needs of the market as the bank gears up for a more expanded role under the various economic stimulus bills lodged in Congress.
He said the bank will work with its institutional partners in ensuring that resources for the critical sectors of the economy are maximized and there would be no redundancies in terms of program offerings vis-à-vis its fellow government financial institutions. – Press release
April 26, 2024
