By Liza Soriano
MANILA — The Senate approved the new charter of the Development Bank of the Philippines (DBP) on third and final reading on Monday, September 23, 2024.
Senate Bill No. 2804, also known as the New DBP Act, aims to enhance the bank’s capacity to support key sectors and contribute significantly to the country’s economic development.
Senator Mark A. Villar, the bill’s author and sponsor, emphasized the need to amend the DBP’s charter.
“One of our advocacies in the Senate is to future-proof our economy and stimulate economic activity, in line with the Philippine Development Plan 2023-2028. Expanding financial inclusion and providing Filipinos with the resources they need for development projects is essential. This is the DBP’s mandate—to offer development financing for Filipinos,” Villar explained.
He added, “We are pushing for amendments to the DBP Charter to equip the institution with greater capacity to meet the growing demands for financial resources across critical sectors. In addition to increasing access to funding, these amendments will also generate more jobs for Filipinos.”
Key features of the New DBP Charter include: 1) increasing the authorized capital stock, 2) issuing shares to the public, 3) designating the Secretary of Finance as the ex-officio chairperson, and 4) allowing the DBP to engage in financial leasing for government projects.
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