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New DBP prexy vows to sustain bank’s developmental initiatives

Finance Secretary Carlos Dominguez (left) swears in new DBP president and chief executive officer Emmanuel G. Herbosa during rites held on March 1, 2019 at the Department of Finance head office in Manila.

State-owned Development Bank of the Philippines (DBP) will sustain its development banking initiatives particularly in the government’s flagship “Build, Build, Build!” infrastructure program, according to its newly-appointed president and chief executive officer Emmanuel G. Herbosa.

Herbosa said that under his watch, DBP will continue to intensify its drive to promote financial inclusion especially in unbanked and underserved areas of the country while improving on the current service infrastructure of the 72-year old bank.

“It is my hope that through these programs, DBP will remain a relevant and responsive partner of the National Government in promoting inclusive growth particularly in the countryside,” Herbosa said.

A US-trained banker, Herbosa has extensive experience in corporate banking, consumer banking, branch, and overseas banking.  Prior to his appointment to the DBP, he was formerly president and chief executive officer of the Philippine Guarantee Corporation.

Herbosa also held leadership positions with the Bank of the Philippine Islands and Bank of Commerce where he was senior vice president and executive vice president, respectively. He was the former chief operating officer of Ayala Insurance, a bancassurance subsidiary of the Ayala Group.

A graduate of Industrial Management Engineering from the De La Salle University, Herbosa earned his Master’s in Business Administration from the Wharton School, University of Pennsylvania.  Herbosa also completed a Leadership Excellence Acceleration Program from the Harvard Business School, Account Management Course from JP Morgan, and Advanced Account Management from City Trust Company.

Apart from his banking profession, he also served directorial posts at the De La Salle School Boards, De La Salle Brothers Fund, Inc., and P & Gers Fund, Inc.

Herbosa took his oath before Finance Secretary Carlos Dominguez last March 1, 2019 at the Department of Finance head office in Manila.