The Development Bank of the Philippines (DBP) opened its 101st branch in Quirino Province, located at Capitol Hills, San Marcos, Cabarroguis, Quirino on December 18, 2015.
DBP Cabarroguis offers full universal banking products and services: deposit and investment products, loans, and other financial services to clients in Cabarroguis and the wider province of Quirino (of which it is the capital town).
Among its pioneer clients are the provincial government of Quirino and Quirino Electric Cooperative (QUIRELCO), the power distributor serving the province of Quirino and portions of Isabela. Total deposits of the branch consist of new accounts amounting to P67-million as of April 30, 2016.
DBP Cabarroguis “hit the ground running” in its development financing with a P113-million loan to QUIRELCO to support network and non-network capital expenditure projects, as well as working capital requirements, of the cooperative. With DBP’s assistance, QUIRELCO will provide more reliable, efficient, safe, and sustainable power supply, and address the growing demands of electricity users vis-à-vis continuous economic growth and tourism development in the province.
DBP’s presence in the province will also concretize its core mission to spur development, especially in the countryside.