The Development Bank of the Philippines (DBP) is set to play a more crucial role in national development following the House of Representatives’ approval of House Bill 11230.
The House of Representatives on Tuesday passed on third and final reading a bill aimed at overhauling the Development Bank of the Philippines (DBP) charter. The proposed measure secured 199 votes in favor, three against and zero abstentions.
The bill, which aims to increase DBP’s capital stock from P50 billion to P300 billion, will empower the bank to provide enhanced financing support to key sectors, including infrastructure, MSMEs, education, and healthcare.
By expanding DBP’s capacity, the government aims to accelerate economic growth and promote inclusive development.
The national government is set to subscribe and fully pay P32 billion, or 10.67% of the increase in capital.
Additionally, government-owned and controlled corporations, including other government financial institutions, will be allowed to invest in DBP’s shares.
The bill also authorizes DBP to allocate its unrestricted earnings for the increase in the national government’s paid-up capital stock.
