Development Bank of the Philippines facts for kids
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DBP Head Office in Senator Gil Puyat Avenue corner Makati Avenue, Makati
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| Government financial institution | |
| Industry | Development Finance |
| Founded | January 2, 1947 in Manila, Philippines |
| Headquarters | Makati, Philippines |
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Key people
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| Services | Financial Services |
| ₱5.60 billion (2019) | |
| Total assets | ₱1.04 trillion (2020) |
The Development Bank of the Philippines (DBP) is a special bank owned by the Philippine government. It is located in Makati, Philippines.
DBP was started in 1947, right after World War II. The government created it to help rebuild the country after the war. It helped fix damaged buildings and businesses.
As of March 2023, DBP is the eighth-largest bank in the Philippines. It is also one of the main banks owned by the government. Other government banks include Land Bank of the Philippines (LBP) and Al-Amanah Islamic Bank. DBP has 146 branches across the country.
Contents
What DBP Does
DBP is known as a development bank. This means its main job is to provide banking services that help grow farming and industries. It also works like a regular savings bank.
The bank focuses on four key areas to help the country:
- Building things like roads and bridges (infrastructure).
- Helping with social services, like health and education.
- Supporting small and medium-sized businesses.
- Protecting the environment.
DBP also offers many other services. These include ways to save money, invest, and send money to different places. Since it is a government-owned company, DBP gives at least half of its yearly earnings back to the government.
DBP's Journey Through Time
The story of DBP began even before World War II. In 1935, a group called the National Loan and Investment Board (NLIB) was formed. Its job was to manage government money, like savings from postal services and teacher retirement funds.
In 1939, the NLIB was replaced by the Agricultural and Industrial Bank (AIB). The AIB continued to operate until World War II started.
Rebuilding the Nation
After the war, in 1947, the government created the Rehabilitation Finance Corporation (RFC). This new group took over from the AIB. The RFC helped people get loans to develop farms, businesses, and rebuild properties damaged by the war.
In 1958, the RFC changed its name to the Development Bank of the Philippines (DBP). This name change showed that the bank was now doing more than just rebuilding. It was focused on helping the country grow.
DBP started with a lot of money, about P500-million. It used this money to open branches all over the country. It also borrowed money from other countries to help with its projects.
Challenges and Changes
In the late 1970s and early 1980s, DBP faced some problems. Many of its loans were not being paid back.
In 1986, President Corazon Aquino made changes to the bank. All the bad loans were moved to the government. DBP then worked to improve how it gave out loans. It also started lending money again for housing, farming, and small businesses.
In 1995, DBP was allowed to offer more types of banking services. It became a "universal bank."
In 1998, President Fidel V. Ramos signed a new law for DBP. This law increased the bank's capital to P35-billion. It also created the new roles of President and CEO for the bank.
Recent Merger Talks
In 2016, there was a plan to combine DBP with another government bank, the Land Bank of the Philippines. However, this plan was later stopped.
In 2023, the idea of merging the two banks came up again under President Ferdinand "Bongbong" Marcos. The goal was to finish the merger by mid-2024. But in February 2024, the government announced that the merger would no longer happen.
How DBP is Organized
DBP is managed by a group of nine directors. The President of the Philippines chooses all these directors. They serve for one year or until new directors are chosen.
The chairman of the board leads the meetings. The president of the bank helps the chairman and takes over if the chairman is absent.
The main leader of DBP is the president. The board of directors chooses the president. The president makes sure the bank's plans are carried out. They also manage the bank's daily operations.
The board of directors also decides how the bank's employees are organized and how much they are paid.
Key Leaders at DBP
Here are some of the important people who lead DBP:
- Philip G. Lo – Chairman
- Michael O. de Jesus – President and Chief Executive Officer
- Roberto V. Antonio – Director
- Emmeline C. David – Director
- Wilma T. Eisma- Director
- Victor Alfonso A. Limlingan – Director
- Jaime Z. Paz – Director
DBP's Other Companies
DBP has other companies that work with it. These are called subsidiaries and affiliates:
- Al-Amanah Islamic Investment Bank of the Philippines
- DBP Leasing Corporation
- DBP Data Center, Inc.
- DBP Management Corporation
See also
- List of banks in the Philippines
- Land Bank of the Philippines
- BancNet
