DBP to put up branches in Mindano

THE DEVELOPMENT Bank of the Philippines (DBP)  will expand offices in the island to reach unbanked areas.

 Cecilia C. Borromeo, president and chief executive officer of DBP, said last week during the bank’s roadshow at Marco Polo Davao Hotel they recently had a soft opening in Polomolok town, South Cotabato.

 In the first half of the year, the bank already opened branches in Sta. Cruz, Davao del Sur and Zamboanga Economic Zone.

 “DBP is poised to grow bigger this year,” Borromeo said.

 She said there was also a “strong clamor to put up another branch in Davao City.” It has only a branch in C.M. Recto Ave.

 As of the first semester, data from DBP showed that its branches reached to six while its automated teller machines totaled to 42 in Southeast Mindanao.

 The bank’s branches in Southeast Mindanao recorded deposit level of P11.95 billion and P5.033 billion as of the first three months of the year, data from DBP added.

 The financial instution was touted as the country’s infrastructure bank, according to Department of Finance.

 “DBP’s mandate includes introducing responsive financial products and services to more poor and marginalized communitiea that have limited access to credit and funding from formal institutions,” DBP said in a statement.

 “By establishing a presence, DBP promotes and supports the development of these areas, financing schools, hospitals, farm-to-market roads and other development infrastructure,” DBP added.

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