Development Bank of the Philippines
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| Development Financing Institution | |
| Industry | Banking |
| Founded | 1947 in Manila, Philippines |
| Headquarters | Makati, Philippines |
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Key people
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Alberto G. Romulo, Chairman Cecilia C. Borromeo, President and CEO |
| Services | Financial |
| ₱4.7 billion (2015) [1] | |
| Website | www |
The Development Bank of the Philippines (DBP) is a state-owned development bank headquartered in Makati City, the Philippines.
It is the seventh-largest bank in the Philippines in terms of assets with assets of more than P483 billion as of 2016. It is the second-largest state-owned bank, next only to Landbank. It is also one of the largest government-owned and controlled corporations (GOCCs) in the Philippines.
It has 114 branches and 15 regional marketing centers across the country.
Under its charter, DBP is classified as a development bank. It is primarily tasked to provide banking services to cater to the needs of agricultural and industrial enterprises. It may also perform all other functions of a thrift bank.
It focuses on four major areas of financing-- infrastructure and logistics, social services, small and medium enterprises, and the environment.
It also offers deposit and investment products and services, trade products and services, treasury products and services, transfer and remittance services, among others.
As a government-owned and controlled corporation (GOCC), DBP is required to declare and remit at least half of its annual net earnings to the national government. In 2012, it turned over P4 billion in dividends to the national coffers.
DBP's history can be traced back to the Commonwealth Era. In 1935, the National Loan and Investment Board (NLIB) was created to coordinate and manage the various government trust funds such as the Postal Savings Fund and the Teacher's Retirement Fund. In 1939, the NLIB was abolished and its functions were transferred to a new body, the Agricultural and Industrial Bank (AIB).
AIB continued operations until the outbreak of World War II. In 1947, the AIB was abolished and the Rehabilitation Finance Corporation was formed in its place by Republic Act No. 85, absorbing the powers and functions of the AIB. The RFC provided credit facilities for the development of agriculture, commerce and industry and the reconstruction of properties damaged by the war. In 1958, the RFC was reorganized into the modern-day DBP, reflecting that since reconstruction was largely finished, the RFC can venture into other fields.
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Wikipedia