A prominent and seasoned banker formally assumed the position as head of one of the largest government financial institutions in the country, vowing to strengthen and expand the bank’s role in infrastructure financing to sustain the country’s growth momentum.
Michael de Jesus, the new president and chief executive of state-owned Development Bank of the Philippines, said the bank would work closely with the national government to expand the infrastructure development program to raise the competitiveness of the local economy.
“As I take the helm of DBP, it is with high hope and confidence that this bank will continue to boost and sustain our infrastructure push,” de Jesus said. “Together with our stakeholders, we will ensure that DBP fulfills its mandate of developmental financing especially infrastructure development, as this is a top priority of President Marcos Jr.”
De Jesus, a US-educated and trained banker, has extensive experience in corporate banking and finance. Prior to his appointment as the ninth DBP president and CEO, he was a senior executive of several top-tier universal banks in the country.
DBP is the eighth largest bank in the Philippines in terms of assets and provides credit support to four strategic sectors of the economy—infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development. It has a network of 146 branches and branch-lite units, many of which are located in far-flung and underserved communities.
De Jesus said DBP would remain active in financing high-growth sectors such as telecommunications, public infrastructure and those that promote food security, agriculture modernization, sustainable energy and economic inclusivity.
He said DBP would also pursue digitalization to increase customer touchpoints and enhance client engagement, adding that “… the bank will be more customer-centric to address the needs of its niche markets like local government units by leveraging on partnerships with established information technology providers and harnessing available and emerging IT applications…”
DBP has been designated the country’s infrastructure bank since 2017.