State-owned Development Bank of the Philippines (DBP) is encouraging local government units (LGUs) to adhere to sound governance practices and establish financial credibility in order to get better access to the bank’s various financing facilities.
DBP president and chief executive officer Reynaldo G. David said the bank puts premium on LGUs that have viable development projects, produce quality cash flows and efficiently run as a result of good governance.
"It pays to embark on sound governance. Beyond establishing and enhancing the credibility and integrity of our institutions, good governance opens up windows of opportunities. It facilitates access to financing, technical and other needed interventions for us to deliver concrete results vis-à-vis our given mandate," David said during a recent public governance forum organized by the Institute of Solidarity in Asia.
David added that DBP has P47.6 billion in available funds that can support the various development thrusts of LGUs which adhere to the ethical standards and good corporate values of fairness, accountability and transparency in their own operations. "We’re looking for the right projects and we’re looking for the right LGU-partners," he noted.
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