State-owned Development Bank of the Philippines (DBP) has opened a branch in Oroquieta City, Misamis Occidental Province to further expand its reach in underserved but high-growth potential areas in the country, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said DBP Oroquieta is its second branch in the province and is expected to provide a broad range of investment products and services as well as other banking services to the residents of the city and neighboring municipalities.
“In support of the National Government’s drive towards financial inclusion, DBP continues to enhance its developmental impact by opening more customer touchpoints especially in the countryside,” Herbosa said. “We shall continue to intensify efforts to promote development that is broad-based, inclusive, and sustainable.”
DBP is the fifth largest bank in the country in terms of assets and has a branch network of 130 branches and 11 branch-lite units situated mostly in underserved and remote areas of the country.
Located in the northern part of Mindanao, Oroquieta City is the capital of the province of Misamis Occidental, with an estimated population of over 70,000 based on latest government data. It is comprised of 47 barangays and is a major agricultural trading center and a leading producer of copra.
Herbosa said DBP’s branch expansion in Mindanao will further expand its market coverage and further enhance the bank’s delivery of its financial services to strategic areas in Misamis Occidental.
He said DBP is also ready to provide the necessary technical and financial support for its key clients in the area, which fall under the bank’s four strategic sectors namely infrastructure and logistics, micro, small and medium enterprises, the environment, as well as social services and community development.
“DBP’s enhanced presence is our recognition of the province’s potential for growth in both the eco-tourism and agriculture sectors,” Herbosa said. “DBP has a full range of financing programs that can help the province unlock its potential and generate more economic opportunities for its people, especially during these extraordinarily challenging times.”