DBP chairman Vitaliano Nanagas II said the bank earned a record-breaking P3.2 billion in net income and advanced P1.5 billion in dividends to the national government.

Speaking before the bank’s 59th anniversary last week, Nanagas lauded DBP president Rey David, the board, officers and employees for their hard work and commitment.

"This income assures us that we can accomplish much more in terms of our development mandate next year. It also assures us of a strong and viable DBP next year and the years to come," said Nanagas.

He stressed that DBP continues to remain steadfast and strong in the face of challenges in the political and economic scenario here and abroad.

"While the bank’s bottom-line is certainly important and non-negotiable, money does not fully measure our success as an institution. Our financial gains are merely a means to achieve development, and the vision of improving the dignity and welfare of every Filipino, because this is what development is all about," he said.

Nanagas also emphasized the importance of the cause of development and the work. "The socio-economic development opportunities that we provide are critical to the millions of Filipinos who need our help in rising above poverty."

"We are contributing largely to the creation of jobs, livelihood opportunities and spurring business activity. I want you to always look at the larger picture, which is that each one of us, and collectively DBP as an institution, are helping to build a strong, secure, and respected nation," said Nanagas.

Sinc he joined DBP in 2001, Nanagas said the bank has built and is still building water distribution systems in provincial cities and municipalities; the longest expressway in the country (the Subic-ClarkTarlac Expressway); major power projects (such as the Leyte-Cebu Interconnection Uprating project to ensure the reliability and stability of electricity supply in the Visayas region); waste management projects including assistance to Cleanway Technology Corporation for the first waste disposal facility in the country to integrate operations such that no hazardous wastes are disposed of indiscriminately after treatment.

DBP has also help built socialized housing projects for the development of poor urban communities; green energy projects including the first commercially-operated hybrid wind farm in the country which is located in Batanes; schools and hospitals from as far North as Bataan; transport facilities, processing and marketing centers under the Sustainable Logistics Development Program including the corn integrated production and post harvest facility of Isabela province, the first LGU to avail of the grains highway component of the SLDP); and micro-enterprises.

The bank is working with the government’s lead agency in the delivery of micro-finance services for the poor — the People’s Credit and Finance Corporation (PCFC) — which currently serves the funding requirements of 208 microfinance institutions and over a million microentrepreneurs.

"The magnitude of DBP’s involvement — from social services and the environment, to mSMEs and infrastructure and logistics systems — should make all of us extremely proud to be part of an institution that is making a difference countrywide," said Nanagas.

One of the bank’s flagship projects, the DBP Forest, was launched last year in partnership with local government units and people’s organizations.

DBP would soon launch a governance awards program for local government units to recognize LGUs that have fast-tracked the implementation of projects along the priority thrusts of the DBP.

The bank has extended the offering period for its unsecured lower tier-2 subordinated notes until the middle of this month because of multiple investor requests.

"We have undertaken this capital notes offering to strengthen our capital base and achieve the funding we need for our development activities," Nanagas added.(Edu Lopez)