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November 28, 2023

New DBP chief assumes post

Michael de Jesus officially assumed the highest position in the state-owned Development Bank of the Philippines (DBP), replacing Emmanual Herbosa.

Bankero, new DBP President and CEO Michael de Jesus commits to strengthen and expand the bank’s financing projects to drive economic growth.

De Jesus particularly emphasized that DBP will remain active in financing high-growth sectors such as telecommunications and public infrastructure, as well as those that promote food security, agriculture modernization, sustainable energy, and economic inclusivity.

“We will ensure that DBP fulfills its mandate of developmental financing, especially infrastructure development, as a top priority of President Marcos,” he said.

To improve the competitiveness of the domestic economy, DBP would collaborate closely with the government in expanding the country’s infrastructure development program, he added.

The new chief also said that the bank will pursue digitalization to increase customer touchpoints and enhance client engagement.

De Jesus added that by leveraging partnerships with established IT firms and harnessing both available and emerging IT applications, DBP would become more customer-centric in addressing the needs of its niche markets, such as LGUs.

DBP has been designated the country’s infrastructure bank since 2017. Its network includes 146 branches and branch-lite units, many of which are located in remote and underserved areas.