The Development Bank of the Philippines (DBP) steps up its branch expansion nationwide, with the opening of its newest branch in Siquijor and two new Extension Offices in Naguilian, La Union and Cabugao, Ilocos Sur, to bring its network to a total of 114 locations.
DBP soft-opened its newest branch in the capital town, Siquijor, of the island province of the same name and formally inaugurated an Extension Office in the municipality of Cabugao, Ilocos Sur on January 20, 2017.
DBP also inaugurated another Extension Office in Naguilian, La Union on January 16, 2017.
Naguilian is the first location for DBP’s new concept of “Extension Office” or a mini-branch with a smaller footprint but providing full banking services assisted by its mother branch in the capital city of San Fernando. Naguilian is famous for its “basi” (sugarcane wine) and other industries that include woodcraft, ceramics and brick making, besides its main agriculture and fishery industries. DBP’s entry to Naguilian was warmly welcomed by its town executives and community, led by Mayor, Reynaldo J. Flores, who recognize the unique role that DBP plays in ushering development financing to benefit their constituents.
Siquijor is the country’s third smallest province (after Camiguin and Batanes) and lies Southeast from Cebu and Negros Oriental (the island is visible from Dumaguete City). In fulfilment of its mandate to bring its banking and financing services to all over the country, DBP accords the opening of its branch in Siquijor with great importance in furtherance of the bank’s mission for financial inclusion and sustainable development.
Cabugao, Ilocos Sur is DBP’s second “Extension Office” and is serviced by its mother branch in Vigan City. The inauguration was graced by the town’s officials and business community led by its chief executive, Josh Cobangbang, who at 21 years of age, is the youngest elected town mayor of the country. DBP is the first universal commercial bank to have a presence in Cabugao and is thus a welcome development for the town whose traders have long requested for a bank not just to safe keep their monies but also provide much needed financing to further spur the town’s economic growth.
They may not be famous towns nor familiar to most Filipinos, but as DBP’s President and CEO Cecilia C. Borromeo explains: “DBP, as the state’s economic development policy implementing bank, aims to widen its financial impact especially in the underserved but high growth potential locations. We are proud to open our newest DBP branches in these towns, boosting our network to 114 with more branches and extension offices scheduled to open in the coming months. Our purpose and mission remain focused on our development mandate — of improving the lives and well-being of our countrymen and ensuring that this development is broad-based, inclusive and sustainable.”
DBP’s continuing branch expansion is in response to the clamour of different sectors in the provinces to bring the bank’s development finance expertise including loan facilities to micro, small and medium enterprises, and livelihood assistance individuals. Various local government units (LGUs) have also requested for the establishment of a DBP presence in their areas to help support development projects, i.e. improvement of markets, roads, water systems, as well as collection efforts of both the BIR and said LGUs.
The bank 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.