State-owned Development Bank of the Philippines (DBP) pushes further in promoting financial inclusion in Mindanao with the opening recently of its new branch located at the Zamboanga City Special Economic Zone (Zambo Ecozone).
DBP Zamboecozone is the 119th branch in the Bank’s fast-expanding branch network. Through this new local banking office, DBP is more strategically poised to support growth efforts towards making Zambo Ecozone a world-class economic zone, and as a result help catalyse economic growth in Zamboanga peninsula.
DBP’s relationship with Zambo Ecozone started in 2013. Aside from servicing the agency’s payroll requirements, DBP has also extended its Salary Loan program to employees of Zambo Ecozone.
Zambo Ecozone is unique in being both an economic zone and a freeport. It is the only freeport in Visayas and Mindanao. As of 2016, actual investment in the Zambo Ecozone has amounted to P1.5 billion, with committed investments placed at P23.7 billion. Total export value reached US $6.3 million. It has 26 locators that are also prospective depositors and loan clients for DBP Zamboecozone.
The Zamboanga City Special Economic Zone Authority Board recently approved the program dubbed “Zamboanga Peninsula Economic Belt” (ZamPen Economic Belt) that seeks to redefine Zambo Ecozone’s global position and presence as an important key player to further boost economic growth in Zamboanga City.
Many Chinese companies have also signified their interest to invest in the proposed San Ramon Newport project and a solar power project to be built within the Zambo Ecozone.