State-owned Development Bank of the Philippines (DBP) is prepared to work with the National Government to broaden financing to pivotal industries identified under the Philippine Development Plan (PDP) which serves as the country’s economic development roadmap, a top official said.
DBP President and Chief Executive Officer Michael O. de Jesus said the Bank expresses its full support to the government’s push for “servicification,” which targets high-growth industries such as information and communications technology, creatives, tourism, and logistics including technology start-ups that could spur employment generation.
“DBP is one with the National Government in filling the financing gap especially for emerging and so-called sunrise industries that are heavily anchored on innovation and technology,” de Jesus said. “DBP is in a prime position to support the goals outlined in the PDP.”
DBP is the eighth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises (MSMEs); the environment; and social services and community development. It is one of the oldest financial institutions in the country and was established primarily to fund post-war recovery and rehabilitation efforts.
De Jesus said DBP could also provide the needed credit support for the digitalization and innovation programs of private firms and businesses as well as local government units as part of their efforts to expand markets and scale up in the global value chain.
He said DBP’s developmental mindset and vast experience in bankrolling pioneering high-impact projects in areas such as infrastructure, tourism, transportation, logistics, and health care could serve as a template for engagement to strengthen operational resilience and financial muscle of these industries amidst a changing socio-economic landscape.
“In fact, the recent ratification of the Regional Comprehensive Economic Partnership makes it imperative for Philippine firms and businesses to enhance its competitiveness, to which DBP can readily provide its resources towards that end,” de Jesus said.