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PIA Press Release

DBP shifts to developmental programs

Davao City (21 September) -- The Development Bank of the Philippines has shifted its direction to developmental projects from its more commercial activities.

At the Club 888 Forum of The Marco Polo Hotel yesterday DBP board member Rey Magno Teves said the DBP performance has focused 90 percent of its program to development.

He said in their recent meeting with the DBP managers of Mindanao it was reported that the 90 per cent shift to development programs were already applied in the whole island.

DBP still maintains its micro-lending window through conduits like micro finance institutions and cooperatives.

“There has been a change in its direction because of the bank’s vision to bring development to the poor,” he said.

He has not given details of the program but said that the reforms are being studied.

He said they are also considering a collateral free loan so that people would not go to the “5/6” loan sharks.

“The collateral free loans has been taken up by the Board and I was told that it is possible yet still this is being studied,” he said.

He said if there is a clear concept of how to deliver collateral free loans to ordinary people with a better working direction of the bank now but it has still to be developed.

But Teves said there were already programs that were granted for instance to teachers where some P1 billion has been allotted and as of this time about P300 million was already used up for this purpose.

Another interesting scheme was the partnership with One Network Bank Mindanao where DBP serves other parts of island especially those hard to reach area through the rural bank.

The ONB-DBP partnership is an attempt to address inefficiency and to also serve the poor who are not credit-worthy as far as commercial banks are concerned.

Teves has noted that there already has a resolve in the hearts and minds among those in the organization than in the past where it was laden with corruption.

DBP this year is aiming to achieve a net income of P4 billion plus in 2006 and for the first six months this year it already hit the P2 billion mark in net income.

DBP chairman Patricia Sto. Tomas disclosed through the bank’s bulletin that it must extend its assistance to marginalized sectors of the society.

In delivering the services it must consider three things namely promoting accountability, communicating achievements and milestones, and building trust through a system of consequences.

“Accountability means knowing what you are responsible for and doing it well as well as accepting the job and knowing that the compensation for it requires full devotion and commitment,” she said.

She said that for government workers, the rules are not just there to protect security of tenure but to make certain that government and certain constituencies get value for their money. (PIA XI/pdbanzon) [top]

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