Philippines
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Description
In the Philippines, development financing institutions play a pivotal role in the quest for sustainable growth and development. And at the helm of the country’s march toward progress is the Development Bank of the Philippines. As the country’s pre-eminent development financial institution, DBP has taken upon itself the strategic task of influencing and accelerating sustainable economic growth, through the provision of resources, for the continued well-being of the Filipino people.
The DBP, under its new charter, is classified as a development bank and may perform all other functions of a thrift bank. Its primary objective is to provide banking services principally to cater to the medium and long-term needs of agricultural and industrial enterprises with emphasis on small and medium-scale industries.
The affairs and business of the Bank are directed, and its properties managed and preserved, and its corporate powers exercised by a Board of Directors consisting of nine (9) members appointed by the President of the Republic of the Philippines. The Chief Executive Officer of the Bank is also the President who is elected by the Board of Directors. The President is also the Vice Chairman of the Board.
The DBP, under its new charter, is classified as a development bank and may perform all other functions of a thrift bank. Its primary objective is to provide banking services principally to cater to the medium and long-term needs of agricultural and industrial enterprises with emphasis on small and medium-scale industries.
The affairs and business of the Bank are directed, and its properties managed and preserved, and its corporate powers exercised by a Board of Directors consisting of nine (9) members appointed by the President of the Republic of the Philippines. The Chief Executive Officer of the Bank is also the President who is elected by the Board of Directors. The President is also the Vice Chairman of the Board.
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