In furtherance of its commitment to extend the reach of its financial services and better serve as a catalyst of sustainable progress in under-banked but high growth potential towns in the countryside, the Development Bank of the Philippines (DBP) has opened its 108th branch in San Jose in the province of Dinagat Islands.
DBP’s San Jose, Dinagat Islands branch is one of only two government and commercial/ universal banks in the locality, other than the two rural banks serving the province.
Declared a province in 2006, the Dinagat Islands comprise the second newest province of the Philippines. Known for its beaches and caves, the province is poised to become one of the country’s eco-tourism hotspots.
The presence of DBP in the Dinagat Islands is expected to encourage more businesses to invest in the eco-tourism potential of the province through the provision of financing for support infrastructures such as resorts, hotels, hostels, apartments, restaurants, among others.
Moreover, the branch is expected to have a considerable impact, primarily in the acceleration of economic development and the improvement of basic services, through partnerships with LGUs in the province. Prospective projects include the improvement/ expansion of the provincial capitol and municipal buildings; the construction/ renovation of evacuation centers, municipal gym, public terminal, public markets and municipal ports; the construction and renovation of government hospitals; the improvement and expansion of water supply; and the acquisition of heavy equipment for road construction, maintenance, and other purposes.
Aside from LGUs and other government agencies, DBP San Jose, Dinagat Islands is also poised to support the education, health care, and SME sectors in the province. The branch is ready to support the growth of various SMEs by providing easier access to financing as well as partnerships towards entrepreneurial skills training and development.
DBP remains committed to expanding its market coverage, particularly to the unbanked and under-banked in the countryside. Alongside intensified support for the development agenda of the National Government, DBP continues to enhance its financial services to key areas in the country.