New DBP president vows to bankroll infrastructure building
The newly installed president of Development Bank of the Philippines (DBP) intends to broaden the government financial institution’s role in infrastructure financing, vowing to help strengthen this key economic sector to sustain the country’s growth momentum.
In a statement, DBP president and chief executive officer Michael de Jesus said the bank would work closely with the national government in expanding the Philippines’ infrastructure development program.
“As I take the helm of DBP, it is with high hope and confidence that this bank will continue to boost and sustain our infrastructure push,” said the DBP president.
“Together with our stakeholders, we will ensure that DBP fulfills its mandate of developmental financing, especially infrastructure development, as this is a top priority of President Marcos,” he added.
In a statement to the Inquirer, the DBP said that its financing support to the infrastructure and logistics sector had reached P297.1 billion as of the end of December.
DBP’s third-quarter report last year indicated that more than half of its loan portfolio had gone to the infrastructure and logistics sector, with the bulk of the projects situated in the National Capital Region, Central Visayas, Central Luzon, Calabarzon, Eastern Visayas and Davao.
De Jesus retired as executive vice president and head of corporate banking group at Rizal Commercial Banking Corp. in mid-2019.
He holds a Bachelor of Arts degree in Economics from Union College in New York and a Masters in Business Administration (Finance) from Wharton School, University of Pennsylvania.
The infrastructure sector will boom under the Marcos administration, with the government setting aside nearly P1.2 trillion for infrastructure programs this year, said Joseph Ang, founding chair of Worldbex Services International, the company that organizes the annual Philippine World Building and Construction Exposition. INQ