State-owned Development Bank of the Philippines (DBP) is strengthening its Corporate Social Responsibility program for education through a new scholarship initiative that targets underprivileged high school graduates across the archipelago, a top official said.
DBP president and chief executive officer Cecilia C. Borromeo said the bank will support the education of more than 2,500 scholars in the next five years with the DBP Resources for Inclusive and Sustainable Education (DBP RISE) which is financed by a P500-million seed fund.
“As one of the top government financial institutions, the DBP is being tasked to do more so that the administration’s poverty alleviation efforts will be felt by more Filipinos,” Borromeo said. “The DBP RISE is one project which can make a substantial difference in the lives of many of our poor countrymen.”
Borromeo said that with the DBP RISE, the bank will support students enrolled in courses such as accountancy, engineering, education, and information technology adding that “…DBP would shoulder tuition fees, board and lodging expenses, living allowance, cost of apprenticeship, residency training, and expenses during review for Board exams…” she added.
DBP has tapped 14 partner-schools for this initiative which is comprised of eight state universities and colleges and six private educational institutions. These schools are University of the Philippines Los Banos, Polytechnic University of the Philippines, Bulacan State University, Emilio Aguinaldo College, Mindanao State University, Mindanao State University of Science & Technology, Misamis University, Our Lady of Triumph Institute of Technology, Palawan State University, Philippine Normal University, University of Cebu, Lyceum of the Philippines University-Batangas, West Bay College, and West Visayas State University.
Borromeo added that DBP RISE is the offshoot of the DBP Endowment for Education Program (DEEP) which is nearing its completion after a decade of implementation.
She said DEEP has produced more than 3,500 graduates with more than 85% now gainfully employed. Out of that number, 47% were from Mindanao, 34% came from Luzon while 19% hailed from the Visayas.
Borromeo said that DBP is also partnering with the Palawan provincial government, the municipality of Taytay, Palawan, and the Taytay Municipal Farmers Federation for the reforestation of the catchment areas of Lake Manguao in Taytay, Palawan.
Taytay, Palawan is a first-class municipality located in the northern part of the province. It has a population of more than 75,000 residents as of the latest data from the Philippine Statistics Authority.
“This program should help protect Lake Manguao, the largest freshwater lake in Palawan, through the planting of high value tree species like apitong, mahogany, ipil, and narra as well as endemic and native species of forest trees. It will also promote a habitat conducive to wildlife including species endemic to Palawan,” Borromeo said.