State-owned Development Bank of the Philippines (DBP) extends financial support to the municipality of Talakag in Bukidnon through a new branch which it said will help the area become a major ecotourism destination.
"DBP is eager to serve the banking needs of the people of Talakag and nearby areas, and we are hopeful that our presence here will help unlock the potential of the town as the next eco-tourism destination in Mindanao," said DBP President and Chief Executive Officer Michael de Jesus.
The new DBP branch is the government bank's 16th branch-lite unit and the 150th under all branch types.
De Jesus said Talakag's large human resources of 77,000 residents and increasing government revenues of at least P423 million based on data recorded last year signal higher financial support to accelerate its infrastructure, livelihood, and tourism projects.
Talakag has emerged as the third highest-earning municipality in Bukidnon.
"DBP Talakag would work closely with key stakeholders in the area to facilitate the provision of critical developmental financing for projects and assist the municipality in unleashing its full economic potential," de Jesus said.
The Talakag branch is seen to expand DBP loans and economic growth in Northern Mindanao as DBP reported infrastructure and logistics loans in the first quarter of the year were mostly distributed in the National Capital Region, Central Luzon, Davao, Eastern Visayas, and Central Visayas.
Infrastructure and logistics loans stood at P314.7 billion during that period, accounting for 60 percent of its total portfolio.
Smaller loan amounts were recorded for community development projects at P96.7-billion loan, environmental projects at P47 billion, and micro, small, and medium enterprises at P25 billion.