DBP allocates P510 milllion for education program

MANILA, Philippines — State-owned Development Bank of the Philippines (DBP) has unveiled a P510-million corporate social responsibility initiative aimed at expanding access to quality education across the country by improving school facilities and endowments.

DBP president and CEO Michael de Jesus said the bank’s integrated scholastic program for inclusive and responsive education is a strategic supplement to government initiatives through scholarships and collaborative support with higher education institutions (HEIs).

“In the first year of the program’s implementation, at least 350 financially challenged students will benefit, especially those enrolled in courses such as engineering and its related fields,” de Jesus said.

This also includes programs of accountancy, education, agriculture and forestry, sciences, maritime, information technology and technical vocational courses, as the social responsibility initiative covers both basic and tertiary education levels.

Under the program, P437.5 million will fund scholarships, covering tuition, matriculation fees, living allowances and study materials for financially challenged students.

Additionally, the program will provide P72.5 million in assistance to the Department of Education (DepEd)’s  adopt-a-school and brigada eskwela programs aimed at improving classroom facilities and providing essential learning equipment for 150 public schools.

De Jesus said the program builds on the bank’s previous education and corporate social responsibility initiatives, which collectively invested P1.5 billion and supported over 5,000 scholars in the past 15 years.

Notably, he said the previous programs achieved employment rates of 94 percent and 96 percent among graduates, exceeding the national average.

“DBP will continue helping advance quality education in the country through its strong collaboration with the DepEd and partner schools and universities, and in recognition of the transformative power of education,” de Jesus said.

In total, the bank has tapped nine HEIs for the program, such as the Bulacan State University, Polytechnic University of the Philippines, Saint Dominic College of Asia, Cebu Normal University, University of Cebu and Mindanao State University – Iligan Institute of Technology.

It also includes Misamis Institute Technology, University of Science and Technology of Southern Philippines and Zamboanga State College of Marine Science and Technology.