The Development Bank of the Philippines (DBP), through its corporate social responsibility initiative — DBP Endowment for Education Program (DEEP) — has benefitted 3,567 poor but brilliant Filipino students nearly nine years since its inception in 2008.
DBP president and chief executive officer Cecilia C. Borromeo said, “DEEP has enabled DBP to make a concrete difference in the lives of poor families,” adding that most of the DEEP scholars are children of farmers, laborers, drivers, teachers, housewives, government employees, retired policemen, and soldiers.
Under the initiative, DBP pays for the tuition fees of the scholars who are enrolled in partner-schools located in different parts of the country. DBP also provides board and lodging allowances to the scholars, who are enrolled in various courses such as maritime, nursing, technical-vocational, forestry, agriculture, education, and HRM.
Borromeo said beneficiaries under the program come from far-flung areas of the country, including indigenous communities. She cited DEEP scholar Jaymar Baguidudol from Hingyon, Ifugao, who was recently honored as the most excellent cadet of the NYK-TDG Maritime Academy class of 2016 during graduation rites held recently.
Out of the 3,567 scholars, 2,042 have graduated while 1,625 are now gainfully employed. These DEEP graduates have contributed to the DEEP Scholars Association, Inc. (DEEPSAI), which is envisioned to ensure the sustainability of the DEEP once DBP exits from the program in 2018.
DEEP has a 10-year allocation of P1-billion. DBP’s funding assistance to the program has already amounted to P836.5 million as of end of 2016. Critical to the success of the program is its partnership with educational institutions. DEEP has affiliated with 39 partner-schools that help ensure that scholars are guaranteed with on-the-job training and subsequent employment through their partnerships with reputable manning or job placement agencies.
