DBP to open 6 branches in 2018

MANILA, Philippines — State-run Development Bank of the Philippines (DBP) is opening six new branches in 2018 to strengthen its presence in underserved areas in the country and contribute to the government’s financial inclusion thrust.

DBP president and CEO Cecilia Borromeo said the bank is expanding its presence next year to beef up its current network of 125 branches and three extension offices.

“We have identified areas where we should establish a branch,” Borromeo said, citing Davao, for one.

She said Davao needs access to more financial institutions to better serve small and medium enterprises in the region.

Borromeo said the DBP is looking at other unbanked areas in the country.

“We take that to heart – we’re willing to invest in areas where other banks may be shy about investing in,” the DBP president said.

Apart from expanding its branch network, Borromeo said the DBP may tap other new channels to reach out to customers such as through e-banking, mobile and internet banking.

DBP is the eighth largest bank in the country with assets totaling P557.84 billion as of the end-September. Its loan portfolio jumped 36 percent to P276.46 billion from a year-ago level of P203.48 billion.

For 2018, Borromeo said the government financial institution is also adopting a new organizational structure and plans establish a lending sector within the bank to speed up the processing of loans to key clients and prospective borrowers.

In addition, DBP would put up lending centers in Visayas and Mindanao to approve loans at a certain level to reduce processing time.

DBP is undergoing various reforms and changes after Finance Secretary Carlos Dominguez III ordered the bank to change its thrust towards becoming the country’s infrastructure bank.

Dominguez wants to convert the DBP into an infrastructure bank to help facilitate the government’s massive infrastructure program