State-owned Development Bank of the Philippines (DBP) has opened a branch in Baguio City to boost the Duterte administration’s “Build, build, build” economic growth tack, particularly in the Philippines’ so-called Summer Capital and the whole upland region of Cordillera.
DEVELOPMENT PARTNER. Development Bank of the Philippines Chairman Alberto Romulo (left) and President-CEO Cecilia Borromeo (3rd from left) lead the ribbon cutting rites at the inauguration of DBP’s Baguio branch with Benguet Governor Crescencio Pacalso (2nd from left) and Baguio Mayor Mauricio Domogan (rightmost) on Thursday (March 8, 2018). DBP is there to boost the Duterte government’s ‘Build, build, build’ economic growth strategy in Baguio and the entire Cordillera Administrative Region by offering loans for development infrastructure. (Photo by Pamela Mariz Geminiano)
DBP president and chief executive officer Cecilia Borromeo said during the bank branch’s launch on Thursday DBP offers to finance infrastructure of local governments and other entities.
Borromeo said the DBP’s infrastructure priorities are hospitals, schools, or any projects that would improve the citizens’ lives, such as electric and water distribution.
She cited the DBP has about PHP3.9 billion in deposits now, with PHP1.5 billion of this being loaned mostly to countryside entrepreneurs. The challenge, she noted, is to further plow back the banks’ deposits in the form of loans to help develop cities and towns.
She also encouraged people to consider investing in DBP.
Also during the launch, DBP chairman Alberto Romulo said President Rodrigo Duterte had made DBP an infrastructure bank. “As you know, we started as reconstruction bank and under ‘build, build, build’ through infrastructure, we will provide the jobs and the livelihood and the income to our people in the country.”
Romulo said DBP is aiming to get one million depositors all over the country, including the Cordillera region.
“If all chief executives of the province of Benguet and the city of Baguio led by Governor (Cresencio) Pacalso and Mayor (Mauricio) Domogan (would do so), then their people will follow them and we will be able to exceed our target,” Romulo said.
Baguio City Rep. Mark Go noted in a speech during the launch that DBP works with key development players both in public and private sectors like the local government units, national line agencies, private corporations, multilateral and bilateral lending institutions, and cooperatives to carry out the government’s development programs. (PNA)