Metro Manila (CNN Philippines, March 25) — State-run Development Bank of the Philippines is now a trillion-peso bank on strong deposit levels posted in 2020.
Its assets jumped 37% to ₱1.04 trillion in 2020 from ₱761.24 billion a year earlier.
DBP President and Chief Executive Officer Emmanuel Herbosa attributed this to the 47.6% increase in deposits amounting to ₱817.9 billion compared to the ₱554.18 billion in 2019.
This was further boosted by a double-digit hike in investments, recording a 26% growth to ₱260.1 billion against the previous ₱206.57 billion, he added.
“DBP’s latest milestone manifests the public’s continued confidence in DBP as a strong, stable, and reliable financial institution,” Herbosa was quoted as saying in a statement issued Thursday.
“We are emboldened by the fact that the bank was able to achieve this feat two years earlier than our projected timeline and despite the constraints of the prevailing public health crisis,” he added.
As of end-2020, total loans to borrowers were also up by 19% to ₱423.32 billion versus the ₱356.75 billion in 2019, 53.4% or ₱225.9 billion of which went to infrastructure and logistics.
Loans to social services and community development reached ₱78.9 billion, ₱44.8 billion for environmental projects, and ₱32.8 billion for micro, small, and medium enterprises.
DBP is considered the sixth-largest bank in the country in terms of assets.
It has a branch network of 129 full-service branch offices including 11 branch lite units situated mostly in underserved and far-flung areas of the Philippines.
