State-owned Development Bank of the Philippines (DBP) joined the elite ranks of trillion-peso banks in the country, as the bank’s total assets reached P1.04-trillion at end-2020, showing a whopping 37 percent increase from the P761.24-billion recorded in 2019, a top official said.
DBP President and Chief Executive Officer Emmanuel Herbosa said the increase in total assets was buoyed largely by the hefty increases in deposits which grew 47.6 percent to P817.9-billion from P554.18-billion in 2019, and the double-digit hike in investments which recorded a 26 percent increase to P260.1-billion from P206.57-billion from the previous year.
“DBP’s latest milestone manifests the public’s continued confidence in DBP as a strong, stable and reliable financial institution,” Herbosa said. “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.”
DBP is the sixth largest bank in the country in terms of assets and has been designated as the country’s Infrastructure Bank by the National Government. 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 country.
Herbosa said total loans to borrowers as of December 31, 2020 reached P423.32-billion, up 19 percent from the P356.75-billion OPB as of December 2019, with majority of the credit assistance channeled to critical sectors and industries that were severely affected by the current economic downturn.
He said the bulk of the loan OPB as of December 2020 went to infrastructure and logistics which accounted for nearly 53.4 percent or P225.9-billion; followed by loans to social services and community development, P78.9-billion; environmental projects, P44.8-billion; and micro, small and medium enterprises (mSMEs), P32.8-billion.