State-owned Development Bank of the Philippines (DBP) has launched a P510-million corporate social responsibility (CSR) program designed to strategically allocate resources and promote access to quality education in both the basic and tertiary levels, a top official said.
DBP President and Chief Executive Officer Michael O. de Jesus said that the DBP Integrated Scholastic Program for Inclusive and Responsive Education (DBP INSPIRE) is a five-year omnibus program that seeks to supplement the National Government’s initiatives for education through collaborative endowment and support projects.
“The DBP INSPIRE program reinforces the Bank’s commitment of fostering support to the education sector and is aligned with President Ferdinand R. Marcos, Jr.’s vision to place education at the forefront of the national development agenda,” de Jesus said.
DBP is the 10th largest bank in the country in terms of assets and provides credit support to four priority sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
De Jesus said the DBP INSPIRE program is implemented in collaboration with the Department of Education (DepEd) and partner higher education institutions (HEIs) to ensure strategic optimization of the program resources.
He said that for the scholarship component of the program, DBP will set aside P437.5-million to cover the financing of student-beneficiaries’ tuition and matriculation fees, including living allowances for food, lodging, and miscellaneous school expenses along with study materials such as books and uniforms.
“In the first year of the program’s implementation, at least 350 financially-challenged students will benefit especially those enrolled in courses such as Engineering and its related fields, Accountancy, Education, Agriculture and Forestry, Sciences, Maritime, Information Technology, and Technical Vocational courses,” de Jesus said.
DBP has tapped nine HEIs for the program, namely Bulacan State University, Polytechnic University of the Philippines, Saint Dominic College of Asia, Cebu Normal University, University of Cebu, Mindanao State University – Iligan Institute of Technology, Misamis Institute Technology, University of Science and Technology of Southern Philippines, and Zamboanga State College of Marine Science and Technology.
The program will provide P72.5 million in assistance to DepEd’s Adopt-a-School and Brigada Eskwela programs aimed at improving classroom facilities and providing essential learning equipment for 150 public schools in the primary and secondary levels.
De Jesus said the DBP INSPIRE program will sustain the gains of the Bank’s previous CSR initiatives for education – the DBP Endowment for Education Program (DEEP) and the DBP Resources for Inclusive and Sustainable Education (DBP RISE) Program which had a combined budget of P1.5 billion and benefitted more than 5,000 scholars in the past 15 years.
He said the two previous education-related CSR initiatives have achieved significant employment rates of 94% and 96% which is more than the 10-year national average of 94.05%.
“DBP will continue helping advance quality education in the country through its strong collaboration with the Department of Education and partner schools and universities, and in recognition of the transformative power of education in improving the lives of underprivileged yet hardworking Filipinos,” de Jesus said.
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