DBP to refile vetoed charter bill

MANILA, Philippines — The Development Bank of the Philippines plans to refile its amended charter before the end of the year, following President Marcos’ earlier veto of the measure, according to DBP president and CEO Michael de Jesus.

“It was vetoed, so we will have it refiled,” De Jesus told reporters on the sidelines of the launch of DBP’s new education initiative yesterday. “But the most important part of the charter is the increase in the authorized capitalization from P30 billion to P300 billion.”

De Jesus said the objections raised in the veto message were “very minor” and did not affect the key provisions of the bill.

“It had to do with the appointment of directors in subsidiaries and some provisions on dividends. These are more peripheral concerns that can easily be addressed,” he said. “Had we had more time, we could have resolved them. We’re just waiting for the committee assignments in the Senate and House to be completed.”

The bank aims to refile the bill before the end of 2025, with guidance from the Department of Finance.

Finance Secretary Ralph Recto earlier said the DOF is still reviewing the reason behind President Marcos’ veto of the proposed DBP charter amendments, but both bills are still part of the DOF’s legislative priorities.

Earlier in May, President Marcos vetoed the bill amending DBP’s charter, citing that certain provisions are vague, confusing or conflicting with the Constitution. The proposal sought to overhaul DBP’s 27-year-old charter.

The chance interview took place during the launch of the DBP Integrated Scholastic Program for Inclusive and Responsive Education, a five-year omnibus assistance program with a total allocation of P510 million for both basic and higher education sectors.

The state-run DBP has earmarked P72.5 million to support up to 150 public schools nationwide, targeting around 30 schools per year through the Department of Education’s Brigada Eskwela and Adopt-a-School programs.