State-owned Development Bank of the Philippines continued to boost its financial support for strategic growth initiatives in the second quarter of the year.
It has a total of P364.4 billion in loans to borrowers, reflecting a 15.6 percent increase from the P315.13B recorded during the same period last year.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said the provision of sustained development financing to business and industry remains crucial as the country gradually recovers from the effects of the current global health crisis.
“As the premiere infrastructure bank of the country, DBP will continue to streamline its lending programs to be more responsive to the funding needs of priority economic sectors, in support of the government’s recovery initiatives given the adverse impact of the pandemic,” Herbosa added.
Herbosa said P165.3B went to the infrastructure and logistics sector, followed by loans to social services, P77.1B; environment projects, P43.6B; and micro, small, and medium enterprises, P29.6B.
He attributed the increase in its loan portfolio to aggressive lending activities by its 30 lending units nationwide despite the challenges posed by the pandemic during the second quarter of the year.
He also reported the bank’s total deposits grew by more than 37 percent as of June to P637.11B from P463.83B on the same period in 2019 as a result of marketing and financial inclusion initiatives undertaken by DBP’s expanded branch network of 129 branches and 11 branch-lite units nationwide. – Press release