DBP bats for changes to its charter

State-owned Development Bank of the Philippines (DBP) is working with the Department of Finance, state regulators and legislators to introduce amendments to its charter as the bank girds for an expanded role in the economic recovery efforts of the National Government, a top official said.

DBP President and Chief Executive Officer Emmanuel Herbosa said the bank hopes to hike its authorized capital from the current P35 billion to P100 billion to enable DBP to broaden its credit assistance to priority sectors, which were adversely affected by the current economic downturn.