The Bangko Sentral ng Pilipinas (BSP) has awarded the Development Bank of the Philippines (DBP) as Outstanding Lending Bank under the Credit Surety Fund (CSF) program of the central bank. The recognition was received by DBP president and chief executive officer Francisco F. del Rosario, Jr. during the 2012 Awards Ceremony and Appreciation Lunch for BSP Stakeholders held last July 4.
DBP received the citation for its participation and support to the CSF, a facility that guarantees micro, small and medium enterprises’ borrowings from banks.
Del Rosario said that DBP was the first financial institution to join the CSF Program in December 2008. The bank participates as a contributor to the fund, trustee bank, and lender to the participating cooperatives and its qualified MSME members. Under the DBP CSF Credit Facility, a total of P93.18-million has been released out of total approved loans of P152.48-million.
He added that to date, DBP has released P23.7-million in favor of 16 CSFs, out of total approved contributions of P35.05-million for 26 CSFs. Last year, the BSP recognized DBP as an Outstanding Program Partner also for its advocacy support to the CSF.
DBP also received the Outstanding Program Partner award as administrator of the Industrial Guarantee and Loan Fund. The annual Awards Ceremony for BSP Stakeholders was held in celebration of BSP’s 19th anniversary and recognized institutional partners all over the country, which have provided exemplary support to the central bank’s various statistical initiatives, information requirements and advocacy programs. DBP was among 67 banks and firms selected by BSP from among the country’s top corporations, and government and private institutions.