MANILA -The Governance Commission for Government-Owned and Controlled Corporations (GCG) has given the green light for Development Bank of the Philippines’ (DBP) performance targets, including the expansion of its lending portfolio, as DBP prepares for a long fight against a proposed merger with Land Bank of the Philippines.
Based on DBP’s 2023 scorecard, the state bank has set a target of bringing its outstanding loans to P560 billion this year.
GCG Chair Alex Quiroz said in a statement the commission has completed this year’s round of Performance Target Conferences (PTCs) and also approved the 2023 performance scorecards of 82 state-controlled corporations under its oversight, including DBP.
A PTC is an annual high-level meeting between the GCG and the chief executive officer of a government-owned and -controlled corporation (GOCC) for the setting of the final performance targets for a specific year.
Performance scorecards are prepared by the GOCCs and then reviewed and approved by the GCG. The GCG may increase targets, as necessary, to push GOCCs to achieve breakthrough results and support national development policies and programs.
In a separate statement, DBP said its gross loan portfolio reached P547 billion as of the end of the first quarter, an increase of 2 percent from P37 billion in the same period last year.
In the January-March period, DBP said its net income jumped 17 percent to P1.23 billion from P1.05 billion in the same period last year.
DBP president Michael de Jesus said the improved bottom line was due to expanded lending activities to critical sectors. INQ
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