Mark Villar: Senate approves new DBP Charter on Third Reading
September 23, 2024
Mark Villar: Senate approves new DBP Charter on Third Reading
The new charter of the Development Bank of the Philippines (DBP) has been approved on Third Reading before the Senate plenary. The new charter of the DBP is enshrined in Senate Bill No. 2804, authored by Senator Mark Villar and Senate President Chiz Escudero.
"Isa po sa ating mga advocacy dito sa Senado is to future-proof our economy and stimulate economic activity. Isa sa mga paraan para makamit natin ito is to broaden the financial inclusion and accessibility of Filipinos needing additional resources for development projects. This is the very mandate of the DBP — to provide development financing for Filipinos," Senator Mark said.
In 1946, Republic Act No. 85 created the Rehabilitation Finance Corporation (RFC) to provide credit facilities to rehabilitate war-destroyed enterprises and expand the country's industrial potential. It was then reorganized into what is now the Development Bank of the Philippines (DBP) and shifted from rehabilitation to more diverse activities. From then and after undergoing several charter revisions, DBP has been at the forefront of strengthening the country's economic growth through broader financial inclusion and sustainable infrastructure development.
"I would like to thank my dear colleagues for their valuable input and support to the new charter of the DBP. It is a win for every Filipino to have the DBP's charter be aligned with the modern challenges and demands of the constantly changing economic and social landscape in the country," Senator Mark further said.
"Isinulong po natin ang bagong Charter ng DBP upang mabigyan ang institusyon ng additional capacity to deal with the increased demands for financial resources of different projects from vital sectors. Bukod sa karagdagang access sa financial resources na maibibigay ng DBP, trabaho para sa mas maraming Pilipino ang isa rin sa mga masisigurado nating outcome nitong proposed amendments," He highlighted.
Some of the salient features of the new DBP's Charter include the following: (1) increase in authorized capital stock; (2) issuance of shares to the general public; (3) designation of the Secretary of Finance as the ex-officio chairperson; and (4) the engagement in financial leasing in connection with government projects.
"The approval on Third Reading of this bill takes us one step closer in providing greater accessibility of financial resources to our fellow Filipinos. Maraming Pilipino ang naghahangad ng pagkukunan ng pondo para sa kani-kanilang projects na lubos na makakatulong sa holistic development ng buong bansa," Villar emphasized in his manifestation.
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