DBP willing to help rebuild Marawi City, says CEO

Rhadyz B. Barcia
DBP willing to help rebuild Marawi City, says CEO
The state-owned financial banking institution continues to grow the financial muscle it needs to achieve its development mandate, CEO Cecilia Borromeo says

LEGAZPI CITY, Philippines – The state-owned Development Bank of the Philippines (DBP) is willing to help rebuild Marawi City, currently being ravaged due to the war against the Maute Group, the bank’s chief executive officer said.

“We’re open to help rebuild Marawi if the Marawi City local government unit opts to borrow to rebuild the city,” DBP CEO Cecilia Borromeo said, in an interview during the bank’s Business Roadshow event in Legazpi City on Friday, June 30.

Though the national government will be at the forefront of rebuilding Marawi, Borromeo said their agency is willing to help the city devastated by the still-ongoing crisis.   

As to government’s program to lessen the country’s carbon footprint, the agency allocated P37.44 billion in loans as of March 2017 under its green financing program, which was established in 2011 and enhanced in 2014.

The approved loans, according to her, are for a variety of environmental projects including pollution prevention and control; sanitation; resource conservation and efficiency; renewable energy; climate change adaptation and mitigation; and disaster risk reduction.

“DBP provides financing as well as technical assistance to projects that are ecologically-sound. We try to play an active role in encouraging our clients and other partners to always include green considerations in their businesses and thrusts,” the DBP executive said.    

Following the climate change adaptation program of the government, Borromeo said that the agency is helping to make the community resilient as numerous local government units across the country borrowed money to construct evacuation shelters that can withstand very strong winds.

The state-owned financial banking institution, according to Borromeo, continues to grow the financial muscle it needs to achieve its development mandate.

For the first quarter of this year, DBP posted a net income of P1.29 billion in the first quarter of the year, a 30.4% increase from the P989 million posted in the same period of 2016. 

This increase in income is attributable to the sustained growth of its loan portfolio. DBP’s gross loan portfolio grew to P232.1 billion in the first quarter of 2017, from only P177.7 billion in the same period a year ago.

“Our improved financial performance assures that DBP can continue to support the strategic development thrusts of the national government,” she said.

“Our purpose and mission remain focused on our development mandate of improving the lives and well being of our countrymen and ensuring that development is broad-based, inclusive and sustainable,” she said.

Development thrusts

This year, DBP according to Borromeo has 4 major development thrusts to respond to the strategic needs of the economy. These thrusts are to build up the country’s infrastructure; promote entrepreneurship; environmental management; and community development for all Filipinos across the country.

The DBP is a financial institution dubbed as infrastructure bank appointed to help usher in the golden age for infrastructure in the country.

With the Department of Finance eyeing to make the DBP the country’s “infrastructure bank,” Borromeo said they are “looking forward to helping bridge the country’s infrastructure gap, and help fund ongoing and proposed major infrastructure projects which are vital for sustaining high and inclusive growth so the Philippines can be at par with our neighbours.” 

“We are looking forward to building more road networks, railway systems, bus rapid systems, power generation facilities as well as airport and seaport modernization projects,” the DBP official said.

In Bicol region, the DBP have partnered with various municipalities such as Bulusan and Casiguran in Sorsogon, and Mercedes in Camarines Norte to build farm to market roads, public markets, municipal, barangay buildings and even evacuation centers, the official said.

As to tourism development, the state-owned banking institution has partnered with the provincial government of Camarines Sur to develop tourism facilities.

Other projects in Bicol supported by the agency are the electric cooperatives in Camarines Norte and Camarines Sur towards improving and more efficient distribution of electricity and lower power rates; supporting the Legazpi City and Casiguran Water districts to expand water service coverage and improve health and sanitation.

As for health services, they supported the provincial hospital in Camarines Sur, and the Catanduanes Doctors Hospital where DBP funds helped provide more affordable health facilities and services.

As the country’s infrastructure bank, Borromeo said that DBP will be a major player not just in resource generation and deployment but in making sure the gains of economic development is better felt by the majority.

“We have tailored our programs to make us more relevant in the national government’s scheme of things especially here in Bicol, we are building on our gains to do more for the region,” she said. – Rappler.com

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.