DBP, TIDCORP receive ADFIAP development awards

Development Bank of the Philippines president and chief executive officer Simon Paterno and Trade and Investment Development Corp. of the Phils. president Joel Valdes flew to Beijing to receive two of the 13 development awards given by the 65-member Association of Development Financing Institution in Asia and the Pacific during its 25th annual conference.

DBP was cited for incorporating environmental due diligence in its credit process. TIDCORP was cited for its short-term loans to small exporters.

ADFIAP, which has its secretariat in the Philippines, also gave two special awards – one, to Fiji Prime Minister Laisenia Qarase, who was managing director of ADFIAP member, Fiji Development Bank, for 14 years before he entered politics; and the other, to Chen Yuan, governor of China Development Bank, the conference host.

The ADFIAP conference ended with the Beijing Consensus that reaffirmed the continued relevance of development financial institutions in emerging economies. In many cases, it is these DFIs which have given individuals their first business break by extending them credit. By encouraging entrepreneurs – which employ 70% to 80% of the labor force in a developing country – DFIs fulfill their twin purpose of alleviating poverty and promoting economic development. – MJGrey