DBP now in charge of fund disbursement and management of peace agency’s socio-economic projects

STATE-OWNED Development Bank of the Philippines (DBP) partnered with the Office of the Presidential Adviser on the Peace Process (OPAPP) in fund disbursement and management.

According to a statement released on Friday, DBP’s Trust Banking Group is now in charge of disbursement management, fund acceptance and fund management for OPAPP’s socio-economic projects.

“We are absolutely on the same page with OPAPP in making sure that critical resources are tapped to work for the greater good, under the framework of a comprehensive peace process,” DBP President and Chief Executive Officer Emmanuel G. Herbosa said.

A Memorandum of Understanding (MoU) was recently signed, marking the official partnership between DBP and OPAPP.

Mr. Herbosa said the bank will continue to support social service programs and infrastructure projects in Mindanao.

Established in 1993, OPAPP oversees, coordinates, and integrates the government’s implementation of comprehensive peace process.

DBP’s assets stood at P667.91 billion in June, making it the eighth largest bank in the country in terms of assets.

The state-owned bank is largely meant to provide loans to infrastructure — including big-ticket items in the “Build, Build, Build” pipeline — and to assist small and medium enterprises, social services and community development, and the environmental sector.

“Consistent with the DBP and OPAPP mandates, this MoU augurs well for sustainable peace and the equitable development of Mindanao,” DBP Director Maria Lourdes A. Arcenas said in the statement. — Beatrice M. Laforga