State-owned Development Bank of the Philippines (DBP) marks its 77th anniversary this year steadfast in its commitment to assist the National Government in implementing its various priority economic programs.
Created in 1947 by virtue of Republic Act No. 85 as the Rehabilitation Finance Corporation (RFC) and reorganized in 1957 to mark a shift in mandate to development financing, DBP provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
The eighth largest bank in the country in terms of asset size with total assets of P986.2-billion as of December 31, 2023, DBP also has a network of 146 branches and 39 lending units, most of them found in underserved and unserved areas of the country.
Its net income in 2023 reached P5.48-billion, up by 41% from the P3.89-billion registered in the previous year, fueled largely by a hike in foreign currency profits on its foreign books.
As of December 31, 2023, DBP’s loans to borrowers have hit P509.19 billion with 55.6% or P282.94-billion allocated to projects in the infrastructure and logistics sector. It has also allotted P111- billion, or about 21.8% of its total loans to borrowers, for projects in social infrastructure such as healthcare, education, housing, and waste management.
DBP’s support to environment-related initiatives has also reached P55.77-billion while total loans to micro, small, and medium-sized businesses amount to P29-billion.
The Bank has also been actively financing projects that are aligned with President Marcos Jr.’s 10-point agenda for economic development renewal and long-term growth such as infrastructure development and energy security.
It recently extended a P1.4- billion loan to INVESTCO BHPI, Inc. as partial funding to construct an 8.4-megawatt hydroelectric power plant in Bukidnon in line with the National Government’s efforts to expand new and sustainable energy sources.
The loan, which will finance the construction of the 8.4 megawatt Maladugao River hydroelectric power plant expected to be on stream by 2025, was made under the DBP Financing Utilities for Sustainable Energy Development (FUSED) Program, which seeks to help increase access to electricity services, particularly in the countryside.
As mandated under Republic Act No. 11954 or the Maharlika Investment Fund Act of 2022, DBP contributed its share of P25- billion as initial seed capital for the Maharlika Investment Fund (MIF).
The Bank’s contribution to the MIF reflects its tangible commitment to the priority initiative of President Ferdinand R. Marcos, Jr. of pioneering a wealth fund designed to drive economic development.
In 2023, DBP received the Corporate Governance Scorecard (CGS) Hall of Fame award from the Governance Commission for GOCCs (GCG) for consistently ranking in the top ten of the CGS ratings since 2017. It was also
awarded by the GCG for being Top 4 in the Corporate Governance Scorecard for 2022 with a high score of 100.
The recognition from the government’s chief corporate regulator once again proves DBP’s continued adherence to the best practices in corporate governance, which has enabled it to remain a relevant and model government financial institution up to this day.
The Bank was also named as one of the “Top Sustainability Advocates in Asia” under the Sustainability category of the Asia Corporate Excellence and Sustainability (ACES) Awards 2023 which honors enterprises and business leaders in the region for their outstanding corporate excellence and sustainability efforts.
Organized by Malaysia-based MORS Group, the ACES Awards 2023 drew 600 nominations with 70 awardees. DBP was one of the 10 honorees under the Sustainability category for demonstrating
DBP loans as of December 2023 exemplary integration of sustainability into their policies and operations, with a high level of employee and top management involvement and genuine interest in the well-being of all stakeholders.
View the DBP 2024 Supplement here.