Boss, we have a problem: The government-run Development Bank of the Philippines seems to be going out of kilter, appallingly lagging in profitability behind other banks, including another government bank, the Land Bank of the Philippines.
Businessman Roberto Ongpin has asked the courts to dismiss the graft charges against him and 24 current and former officials of the Development Bank of the Philippines (DBP), reiterating that the loans he obtained from the state-owned bank had been fully paid and, as such, could not be considered behest.
Fourteen former officials of the Development Bank of the Philippines, led by chairperson Patricia Sto. Tomas, have asked the Sandiganbayan to dismiss two graft charges filed against them by the Office of the Ombudsman in connection with the alleged “behest” loans granted in 2009 to Delta Ventures Resources Inc. (DVRI), a firm owned by businessman Roberto Ongpin.
“Who is persecuting whom?” Businessman Roberto V. Ongpin snapped back at Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla Jr.
Saying that the statements were true and the commentary fair, a Makati prosecutor dismissed a libel suit filed by a lawyer against four Development Bank of the Philippines (DBP) officials and the Inquirer editor in chief.
The government-owned Korea Development Bank has signed a deal with state-run Development Bank of the Philippines to engage in the co-financing of infrastructure projects under the Public-Private Partnership (PPP) program and other growth initiatives for the Philippines.
State-run Korea Development Bank (KDB) is scheduled to sign Monday a memorandum of understanding with the Development Bank of the Philippines on joint efforts in project financing.
For Gil A. Buenaventura, newly installed president and chief executive of the Development Bank of the Philippines, a back-to-basics approach would be the order of the day in a state-run office rocked by controversy.
One of the biggest challenges Gil Buenaventura will face when he reemerges from a short-lived retirement on October 22 to become the new president of Development Bank of the Philippines is to fill up a shrinking plantilla.
The Development Bank of the Philippines has a new president. Gil A. Buenaventura, a veteran banker who served as chief operating officer of Bank of the Philippine Islands, was sworn in on Tuesday, as the new president of government-owned DBP. His appointment officially will start on October 22.
As we said earlier, what’s happening at the Securities and Exchange Commission is linked to the fortunes of the state-owned Development Bank of the Philippines, the state-owned bank that David Balangue is reported to be keen on joining in lieu of the corporate watchdog. DBP president Francisco Del Rosario Jr., after all, is set to leave by September 30, saying he’s getting older, wants to slow down and needs to avoid stress that may lead to “spondylolysis” (some defect of the vertebra).
Development Bank of the Philippines has earmarked P5 billion for a lending program that aims to help develop the agribusiness sector.
