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April 24, 2024

DBP raises P8.75 billion to drive infrastructure development and key sectors forward

The Development Bank of the Philippines (DBP), ranked as the nation’s eighth-largest lender, recently secured P8.75 billion through a local bond issuance.

This substantial funding injection is earmarked to propel critical public infrastructure projects forward and to reinforce credit assistance for sectors identified as pivotal by the national government.

“We are keen to deploy the proceeds from our fixed-rate Series 5 bonds to enhance credit support for our priority sectors, while igniting investments in crucial areas highlighted by the national government, including Public-Private Partnership initiatives,” said Michael O. de Jesus, president and CEO of DBP.

DBP is concentrating on extending credit facilities and technical expertise to both public and private entities engaged in strategic sectors such as food security, energy, agro-industrial ventures, telecommunications, road networks, and water infrastructure.

The bond issuance surpassed its target by almost 4.4 times, underscoring robust investor confidence in DBP’s pivotal role as a catalyst for development in the Philippines.

Offering a competitive interest rate of 6.102% per annum, these bonds are set to mature in 2025, further solidifying DBP’s commitment to driving progress and prosperity in the nation.