MANILA, Philippines - One of the first financing activities of the new Baguio branch of the Development Bank of the Philippines (DBP), is a mini-hydro power plant with the Benguet Electric Cooperative, and a solid waste management project with the local government unit (LGU) and the Realeza Development Corp.
DBP has inaugurated its seven-story, modern building for its Baguio branch as part of an effort to improve its service delivery to developmental partners in Cordillera Autonomous Region and the rest of Northern Luzon.
According to DBP president Reynaldo G. David, the Baguio branch supports key sectors such as manufacturing, wholesale and retail trade, hotels and restaurants, and community and social services, as well as individual and savings accounts.
“The relocation from its temporary site to its own building signifies the bank’s commitment to make its services more accessible, convenient, efficient and responsive to the needs of its clients in Baguio City and the nearby municipalities,” David said during the formal opening ceremonies last Feb. 26.
Aside from the power and environment-related projects, the branch is looking at financing a technical school, commercial buildings, hotels and apartelles in the bustling city and tourist area in Northern Luzon.
Meanwhile, David also announced that it would be sending 420 students to agriculture, maritime, technical and vocational courses in school year 2010-2011.
It is the third consecutive year that the government development bank is sending scholars under its corporate social responsibility (CSR) program known as DBP Endowment for Education Program (DEEP).
The bank will also be tapping 12 new partner schools for the third batch of DEEP scholars. These include the Palawan Polytechnic College, VMA Global College in Bacolod City, Don Bosco Training Center in San Jose, Nueva Ecija, In Touch Avail Inc. in San Juan City, and the Lighthouse Maritime School in Marinduque.
It has likewise, tapped the Bicol Merchant Marine College in Sorsogon, Inter-Global College Foundation in Lucena City; Preston Institute of Management Sciences and Technology Colleges in Dagupan City; West Bay College in Muntinlupa City; Aklan Polytechnic College; Cebu State College of Science & Technology, and Holy Cross of Davao College.
This year, the government financial institution will also partner with two more principals — Magsaysay Shipping Lines and Klaveness — to assure employment for its DEEP graduates.
Launched in 2008, the DEEP initiative grants financial assistance to qualified scholars who graduated in the top 20 percent of their high school graduating class. A 10-year program with P1 billion in funding, DEEP’s scholarship assistance covers the whole range of a scholar’s requirements, including cost of living and allowances.