New DBP chief to focus on telco, infrastructure

MANILA, Philippines — High growth sectors such as telecommunications and infrastructure will be the utmost priority of the new head of state-run Development Bank of the Philippines (DBP).

DBP president and CEO Michael de Jesus officially took the helm as the ninth president of the government-owned financial institution, replacing Emmanuel Herbosa.

As the new DBP chief, De Jesus has committed to strengthen and expand the  bank in financing projects that would contribute to economic growth momentum.

In particular, De Jesus emphasized that DBP will remain active in financing high-growth sectors such as telecommunications and public infrastructure.

The bank will also focus on infrastructure projects that would promote food security, agriculture modernization, sustainable energy and economic inclusivity.

“It is with high hope and confidence that DBP will continue to boost and sustain our infrastructure push,” De Jesus said.

“We will ensure that DBP fulfills its mandate of developmental financing, especially infrastructure development, as a top priority of   President Marcos,” he said.

Further, the bank will pursue digitalization to increase customer touchpoints and enhance client engagement.

De Jesus said that DBP would be more customer-centric to address the needs of its niche markets like local government units by leveraging partnerships with established information technology providers and harnessing available and emerging IT applications.

He added that DBP would work closely with the national government in expanding the country’s infrastructure development program to raise the competitiveness of the domestic economy.

A seasoned banker, De Jesus has experience in corporate banking and finance. Before DBP, he was a senior executive of several universal banks in the country.

Currently, DBP is the eighth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics, micro, small and medium enterprises, the environment, and social services and community development.

It has a network of 146 branches and branch-lite units, many of which are located in far-flung and underserved communities.

As of the third quarter of 2022, DBP’s net income jumped by 177 percent to P5.35 billion from P1.93 billion in the same period in 2021, driven by the growth in its total loans to borrowers as well as the continued rise in net interest income.