DBP seeks to convert a growing pool of deposits into additional financing for development projects, launching its ‘Save 2 Win’ campaign to attract fresh funds from individual and institutional depositors.
WITH over P1 trillion in assets and lending devoted to infrastructure and logistics; MSMEs; social services and community development; and the environment, the Development Bank of the Philippines Islands is the country’s 10th largest bank.
State-owned Development Bank of the Philippines (DBP) is chasing more deposits to build up the funding firepower it needs to expand lending to infrastructure, small businesses, and other priority sectors.
The push comes as DBP seeks to convert a growing pool of deposits into additional financing for development projects, launching its “Save 2 Win” campaign to attract fresh funds from individual and institutional depositors.
Strengthen capacity to finance transformative projects
“We believe every deposit entrusted to DBP will help strengthen its capacity to finance transformative projects that will support economic growth, create jobs, and improve the lives of communities across the country,” DBP president and chief executive officer Michael O. de Jesus said.
DBP already saw deposits jump 15.51 percent to P413.41 billion in the second quarter from P357.91 billion a year earlier.
The latest campaign pushes to further widen that funding base and give the state lender more room to grow its loan book.
Tenth largest bank
With P1.036 trillion in assets, DBP is the country’s tenth-largest bank. Its lending is concentrated in four priority sectors: infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
The deposit drive effectively gives DBP another lever to raise funds for lending as it seeks to bankroll projects with a development mandate.
Cash prizes
To lure in more deposits, DBP is offering individual clients cash prizes of up to P250,000 and institutional depositors gift certificates. The bank said the campaign also seeks to bring more underbanked and unbanked Filipinos into the formal financial system.
“We hope to inspire more Filipinos to save not only for achieving their personal financial goals but also for contributing to nation-building and achieving sustainable progress,” De Jesus said.
Three decades after the Marcopper mining disaster devastated Marinduque’s waterways, the province is again pressing the…
Housing is probably the biggest issue affecting people the world over.
Malacañang on Monday called for a more thorough investigation into the questioned flood control projects in Taguig…
The defense on Monday backed the move by senator-judges to exclude a prosecution witness who testified on the firearms…
