New DBP head vows to sustain development initiatives

MANILA, Philippines — Newly appointed Development Bank of the Philippines (DBP) president and chief executive officer Emmanuel Herbosa has vowed to sustain the bank’s development initiatives, particularly in supporting the government’s Build Build Build program.

Herbosa said the DBP, under his watch, would continue to intensify its drive to promote financial inclusion, especially in the unbanked and underserved areas of the country, while improving the bank’s service infrastructure.

“It is my hope that through these programs, DBP will remain a relevant and responsive partner of the national government in promoting inclusive growth particularly in the countryside,” he said. 

Herbosa took his oath before Finance Secretary Carlos Dominguez last March 1  at the Department of Finance head office in Manila.

Prior to his appointment to the DBP, he was formerly president and chief executive officer of the Philippine Guarantee Corp.

Herbosa also held leadership positions with the Bank of the Philippine Islands and Bank of Commerce where he was senior vice president and executive vice president, respectively. He was the former chief operating officer of Ayala Insurance, a bancassurance subsidiary of the Ayala Group.

A graduate of Industrial Management Engineering from the De La Salle University, Herbosa earned his Master’s in Business Administration from the Wharton School, University of Pennsylvania. Herbosa also completed a Leadership Excellence Acceleration Program from the Harvard Business School, Account Management Course from JP Morgan, and Advanced Account Management from City Trust Co.

Meanwhile, former DBP chief Cecilia Borromeo is now serving as the president and chief executive officer of Land Bank of the Philippines.

DBP is the eighth largest bank in the country, with total assets amounting to P632.93 billion as of end-September 2018.

The bank reported a net income of P4.49 billion in the first nine months of the year, reflecting a 13 percent improvement as compared to P3.98 billion in the same period last year.

DBP’s financial performance during the period received a boost due to the robust growth in the bank’s lending activities, as well as its revitalized branch operations.

The bank’s loan portfolio as of end-September stood at P250.3 billion, which accounts for 98 percent of its year-end target of P256.6 billion.