MANILA, Philippines — A former Supreme Court associate justice during the Arroyo administration will serve as the chairman of state-run Development Bank of the Philippines (DBP).
President Marcos has appointed former SC associate justice Dante Osorio Tinga as acting chairman and member of the board of directors of DBP.
Tinga will replace Alberto Romulo as DBP’s chairman.
His appointment, dated Dec. 9, was coursed through the Department of Finance, which has supervisory functions over the state-owned bank.
But Tinga only took his oath Thursday night before Executive Secretary Lucas Bersamin. Tinga served as SC associate justice from 2003 to 2009.
Tinga will now lead the premier government financial institution dedicated to supporting the national government’s key development programs.
Under its new charter, the DBP 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.
DBP also supports projects directed at laying the infrastructure for growth in priority sectors, such as transportation and logistics, environment, and social services and community development.
Accelerated lending is also channeled to the public sector, principally local government units, water districts, and electric cooperatives.