David quits as Development Bank of the Philippines head

MANILA, Philippines - Development Bank of the Philippines (DBP) president and chief executive officer Reynaldo G. David has stepped down from his post, turning over his duties and responsibilities to the bank’s chief operating officer Edgardo F. Garcia.

David submitted his resignation letter to former President Gloria Arroyo effective June 30 this year.

In his letter to newly designated Finance Secretary Cesar Purisima dated July 1, David said he will continue “to discharge my functions as a duly-appointed member of the bank’s board of directors while awaiting further advice from the new administration.”

Under his helm, the government financial institution posted a net income of P6 billion last year, nearly doubled from the P3.6 billion profit when he joined the bank in 2004.

“The bank’s asset size, for one, stood at P291.92-billion as of end-2009, reflecting a 92 percent growth rate from its P151.79-billion level in September 2004,” David said.

DBP also posted consistent growth in its loan portfolio, which increased 104 percent from its September 2004 level to reach P167.01 billion at end-2009, he noted.

The bank’s available development lending funds were aggressively channeled to stimulate growth in four priority sectors, namely: infrastructure and logistics, environment, small and medium enterprises, and social services.

“I particularly take pride in aggressively pushing for an improved and seamless infrastructure and logistics system,” David added.

He also cited DBP’s comprehensive Sustainable Logistics Development Program (SLDP) for modernizing the country’s Road Roll-On Roll-Off Terminal System (RRTS), financing seaworthy vessels and improved shipping facilities, and further interconnecting the islands through 20 missionary routes that complement the established eastern, western and central seaboards.