BACOLOD CITY -- From its current PHP10-billion credit assistance for Negros and Panay, the Development Bank of the Philippines (DBP) is planning to triple the amount to fund additional projects, particularly in infrastructure, by 2018.
Cecilia Borromeo, president and chief executive officer of DBP, said deposits in both areas have reached almost PHP30 billion, giving the bank lots of room to increase credit assistance to more players.
“This is the portfolio of DBP as of June this year and we hope to triple the PHP10-billion credit assistance by 2018,” said Borromeo during the DBP Business Roadshow at L’Fisher Hotel here on Thursday.
She said the thrust of DBP is to support the “Build, Build, Build” program of the Duterte administration.
At present, the PHP10-billion loan exposure for Negros and Panay is funding programs in healthcare, education, water sector, renewable energy, and infrastructure developments of local government units (LGUs).
“We are encouraging various leaders in the industry and public sector to consider DBP as their partner in expanding their facilities and in embarking on new projects," Borromeo said.
For his part, DBP chairman Alberto Romulo said that as the bank reaches its 70th year, it also considers as milestone the move of President Rodrigo Duterte designating DBP as the “infrastructure bank” of the Philippines.
“In this golden age of infrastructure, the DBP is at the front line,” he said.
Data presented by Borromeo showed the DBP posted an impressive net income of PHP2.65 billion in the second quarter of the year, with an increase of 34 percent from the PHP1.98 billion net income in the same period in 2016.
The DBP’s gross loan portfolio also grew by 26 percent, to PHP289.8 billion in the second quarter of 2017 from only PHP229.5 billion last year.
The bank’s assets amount to PHP526.5 billion as of the second quarter, posting a nine percent increase from the previous year’s PHP481.2 billion.
Deposit level reached PHP344.4 billion, Borromeo added. (PNA)
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