DBP backs transfer of Al Amanah Bank to Bangsamoro

MANILA, Philippines - The Development Bank of the Philippines (DBP) is in favor of transferring management of the Al Amanah Bank (Islamic bank) to the proposed Bangsamoro government as provided in the Bangsamoro Basic Law (BBL) which is pending in Congress.

The Al Amanah Bank is the only Islamic bank in the Philippines,

DBP Institute head and DBP senior vice president Isidro Roy Sobrecarey made this statement during a forum on gender and peace last March 25 at the DBP headquarters in Makati.

Sobrecarey said the transfer is in line with the bank’s declaration of full support for the government’s peace initiative, particularly the passage of the BBL into law.

Sobrecaray said this was contained in a DBP position paper that was sent to Cagayan de Oro Rep. Rufus Rodriguez, chairman of the House Ad Hoc Committee on the BBL.

 “DBP agrees with the financial proposals in the BBL, especially the transfer of management of the Al Amanah Bank to the Bangsamoro government,” he said.

DBP owns and operates the country’s only Islamic bank. In 1990, Republic Act (RA) 6848 formed the country’s first and only Shariah-oriented bank.

The DBP acquired the then Al Amanah Islamic Investment Bank in 2008, when it was deep in debt. Since then, it has been on the auction block.

Sobrecaray noted that DBP plays a big role in the government’s peace and development efforts in Mindanao since it is mandated to provide funding and loans for development projects throughout the country.

One such project is a financial capacity building seminar between the DBP and Bangsamoro youth co-organized with the Philippine Center for Islam and Democracy (PCID).

Sobrecarey said “peace is not true and whole if development is not achieved, and so DBP remains committed to forging projects and partnerships that can benefit and help the region catch up in Mindanao.”

Peace panel member Senen Bacani said the BBL strives to translate to development for the Bangsamoro region.

“Unfortunately, the public is affected by misinformation spread by opponents of the proposed Bangsamoro,” Bacani noted.

He emphasized that the BBL is ultimately for achieving peace and development in the Bansgamoro region through genuine political autonomy, and not as a separate state having its own military and police force.