The bank, led by Bankero Emmanuel Herbosa, intends to undergo manpower restructuring.
The Development Bank of the Philippines (DBP) unveiled that the organization is undergoing restructuring to solidify its footprint as the main public infrastructure financing.
Prior to the change in administration, a Governance Commission for Government Owned or Controlled Corporations’ (GCG) memorandum order issued in June revealed a plan to cut down DBP’s staff which shall lead to massive annual savings. According to the GCG, DOF previously announced that DBP shall serve as the infrastructure banks for infrastructure programs to administer loans, thereby providing more loan opportunities.
DBP intends to slash its manpower in a bid to solidify its role as the country’s main infrastructure financing arm.