DBP contributes to Cebu growth, eyes more offsite ATMs, branches

CEBU CITY, Philippines – The Development Bank of the Philippines (DBP) has entered into several agreements with five local government units (LGUs) in Cebu.

The profitable government financial institution likewise turned over its contribution to the Metro Cebu Coopreneurs Surety Fund (MCCSF) as part of its efforts to sustain its developmental initiatives in the province.

DBP will support the efforts of the Mandaue city government in the areas of environmental management, tourism, and other social infrastructure.

It will also install several off-site automated teller machines (ATMs) in the southern part of Cebu, including the city of Naga and municipalities of Argao, Dalaguete, and Samboan, the municipality of Poro in Camotes island situated at the northeastern part of Cebu.

The DBP also turned over its P5-million contribution to the MCCFS that aims to make access to formal credit from banks easier for micro, small and medium enterprises (mSME). Complementing the contributions was the P22.5-million counterpart fund from seventeen cooperatives and foundations, as well as Cebu City.

With the P5-million contribution of DBP and P5-million from the Industrial Guarantee and Loan Fund, total contribution is expected to reach P32.5 million, the highest surety fund ever raised among the 11participating coopreneur surety funds in the country. 

The cooperatives have a combined 1.5 million individual-member entrepreneurs.

DBP chairman Jose A. Nuñez Jr. assured that the bank would continue to ensure that the impact of its developmental initiatives will trickle down to those living in rural areas.

“There are a lot of things that can be done in the provinces. It excites me that DBP is in this kind of development lending. We will support all kinds of projects that LGUs may want to partner with us,” Nunez said during the signing ceremonies.

DBP president and chief executive officer Francisco F. del Rosario Jr. said the initiatives underscore the bank’s renewed commitment in promoting countryside development, and assisting small and medium-sized entrepreneurs.

“I have also asked everyone in DBP to come out with more creative financing ideas not only in sourcing but also in terms of giving out loans to the different users of funds,” Del Rosario said.

DBP is in the process of expanding its branch network, and getting lower-cost money and longer maturities with other sources aside from multilateral and bilateral funders.