Development bank of the Philippines - wikipedia Development bank of the Philippines This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. ( May 2017 ) DBP Type Development Financing Institution Industry Banking Founded 1947 in Manila, Philippines Headquarters Makati, Philippines Key people Alberto G. Romulo, ( Chairman ) Cecilia C. Borromeo, ( President and CEO ) Services Financial Net income ₱ 4.7 billion ( 2015 ) ( 1 ) Total assets ₱ 483 billion ( 2016 ) Website www.devbnkphl.com The Development Bank of the Philippines ( DBP ) is a state - owned development bank headquartered in Makati City, the Philippines. It is the seventh - largest bank in the Philippines in terms of assets with assets of more than P483 billion as of 2016. It is the second - largest state - owned bank, next only to Landbank. It is also one of the largest government - owned and controlled corporations ( GOCCs ) in the Philippines. It has 114 branches and 15 regional marketing centers across the country. Contents 1 Background 2 History 3 Organizational structure 4 Key officials 5 Subsidiaries and affiliates 6 Competition 7 See also 8 External links 9 References Background Under its charter, DBP is classified as a development bank. It is primarily tasked to provide banking services to cater to the needs of agricultural and industrial enterprises. It may also perform all other functions of a thrift bank. It focuses on four major areas of financing -- infrastructure and logistics, social services, small and medium enterprises, and the environment. It also offers deposit and investment products and services, trade products and services, treasury products and services, transfer and remittance services, among others. As a government - owned and controlled corporation ( GOCC ), DBP is required to declare and remit at least half of its annual net earnings to the national government. In 2012, it turned over P4 billion in dividends to the national coffers. History DBP 's history can be traced back to the Commonwealth Era. In 1935, the National Loan and Investment Board ( NLIB ) was created to coordinate and manage the various government trust funds such as the Postal Savings Fund and the Teacher 's Retirement Fund. In 1939, the NLIB was abolished and its functions were transferred to a new body, the Agricultural and Industrial Bank ( AIB ). AIB continued operations until the outbreak of World War II. In 1947, the AIB was abolished and the Rehabilitation Finance Corporation was formed in its place by Republic Act No. 85, absorbing the powers and functions of the AIB. The RFC provided credit facilities for the development of agriculture, commerce and industry and the reconstruction of properties damaged by the war. In 1958, the RFC was reorganized into the modern - day DBP, reflecting that since reconstruction was largely finished, the RFC can venture into other fields. With an initial capital of 500 million pesos, DBP set to work on expanding its facilities and operations to accelerate efforts on national economic development. It established a nationwide branch network and tapped local and foreign resources to complement its capital. It also borrowed money directly from international finance institutions. In the late 70s up to the early 80s, however, its viability was undermined by numerous non-performing accounts. In 1986, President Corazon Aquino issued Executive Order No. 81, which reorganized the bank and gave it a new charter. All non-performing assets and liabilities were subsequently transferred to the government and led to DBP forming a program to strengthen its institutions, such as a thorough revision of the credit process and a training program for the intensive implementation of new lending thrusts. Likewise, DBP reopened its lending windows for housing, agriculture and SMEs. In 1995, DBP became a universal bank when it was granted its universal banking license, and three years later, had its charter revised. Under the revised charter, DBP 's authorized capital would increase from five billion pesos to 35 billion pesos and led to the creation of the posts of President and CEO. In February 2016, President Benigno Aquino III approved the merger of DBP with Landbank which is another state - owned bank pending approval from the Bangko Sentral ng Pilipinas and written consent of the Philippine Deposit Insurance Corp. Landbank will be the surviving entity. On September 2016, the proposed DBP - Landbank merger was officially abandoned by the Governance Commission for GOCCs ( GCG ). Organizational structure The DBP Head Office in Makati exercises control and supervision of all DBP branch offices throughout the Philippines. The Board of Directors decides on policy matters to be carried out by the President and Chief Executive Officer. The President delegates policy and administrative directives to Executive Vice Presidents and Senior Vice Presidents manning specialized Departments of the bank. The Managers and Assistant Managers supervise the Division Chiefs in implementing daily tasks handled by rank - and - file personnel. Key officials As a state - owned financial institution, the Philippine President carries the power of appointing key officials of the bank, including the Chairman of the Board, the President and Chief Executive Officer, the Directors, and the Chief Legal Counsel. Past DBP presidents were former cabinet secretaries, corporate managers, economists, and international finance executives. As of February 2017, the key officials of the bank include : Alberto G. Romulo - Chairman Cecilia C. Borromeo - President and Chief Executive Officer, Vice Chairman of the Board of Directors Miguel C. Abaya - Director Ma. Lourdes A. Arcenas - Director Luis C. Bonguyan - Director Emmanuel P. Galicia, Jr. - Director Rogelio V. Garcia - Director Teodoro M. Jumamil - Director Rolando L. Metin - Director Subsidiaries and affiliates DBP subsidiaries and affiliates include : Al - Amanah Islamic Investment Bank of the Philippines DBP Data Center DBP Insurance Brokerage, Inc. Competition DBP competes in bank marketing against the largest commercial banks such as Metrobank, BPI, BDO Unibank and PNB. Outside the Metro Manila area, depending on the situation, it either competes against or complements the other banks in the area. On the other end of the spectrum, DBP takes on a dual role with Landbank, another government - owned bank. It either competes against or works with Landbank, as the need arises. See also List of banks in the Philippines Patricia Santo Tomas Land Bank of the Philippines BancNet MegaLink Leonides Sarao Virata External links DBP website References Jump up ^ http://www.philstar.com/banking/2016/07/26/1606529/bdo-still-biggest-bank-landbank-overtakes-bpi Jump up ^ https://www.devbnkphl.com/news.php?id=290&62d3dace4ce809d2714631faffd24aa3 Jump up ^ https://www.devbnkphl.com/about.php?cat=3&14f4890d849d8c735cf15598be326fe8 Jump up ^ https://www.devbnkphl.com/devbanking.php?cat=1&751318b8bb2bf665220999b883dc9404 Jump up ^ https://www.devbnkphl.com/services.php?cat=2&9a4f112238eefed757248fdf8dda7ccd Jump up ^ http://www.gov.ph/2014/06/09/goccs-remit-p32-31b-to-national-treasury/ Jump up ^ http://business.inquirer.net/43089/reformed-dbp-remits-p4b Jump up ^ https://www.devbnkphl.com/about.php?cat=9&4c79a65aa16deeb27eb47eaa011133b0 Jump up ^ http://www.sunstar.com.ph/davao/business/2016/09/07/lbp-dbp-merger-abandoned-496136 Jump up ^ de Vera, Ben ; Esplanada, Jerry ( 10 February 2016 ). `` Aquino OKs merger of Landbank, DBP ''. Philippine Daily Inquirer. Retrieved 12 February 2016. Jump up ^ https://www.devbnkphl.com/about.php?cat=11&bb038b7f966dcfe5d4508c40c3fa8abf Banks in the Philippines Bangko Sentral ng Pilipinas Universal banks Asia United Bank BDO BPI Chinabank EastWest Bank Metrobank PNB Philtrust PSBank RCBC Security Bank UnionBank UCPB Government banks Al - Amanah Islamic Investment Bank of the Philippines DBP Landbank PostalBank Commercial banks Bank of Commerce Chinatrust Citibank HSBC Maybank PBCom Robinsons Bank Standard Chartered Bank Veterans Bank Thrift Banks BPI Direct Savings Bank China Bank Savings Citystate Equicom Philippine Business Bank Queenbank Security Bank Savings Other banks Cooperative banks Rural banks Defunct Allied Bank ( merged with PNB ) Banco Filipino Equitable PCI Bank ( merged with BDO ) Plantersbank ( merged with Chinabank ) 10 Largest Banks of the Philippines In terms of assets as of March 31, 2017 More than ₱ 2 trillion Banco de Oro More than ₱ 1 trillion but less than ₱ 2 trillion Metrobank BPI Landbank Less than ₱ 1 trillion Philippine National Bank Security Bank Corporation China Banking Corporation Development Bank of the Philippines Unionbank RCBC Source : BSP Makati CBD Towers Office Ayala Tower One Exportbank Plaza G.T. International Tower Lepanto Building LKG Tower L.V. Locsin Building Makati Sky Plaza Pacific Star Building PBCom Tower Petron Megaplaza Philamlife Tower RCBC Plaza Robinsons Summit Center Rufino Pacific Tower Smart Tower The Enterprise Center Tower 1 The World Centre Tower 6789 V Corporate Center Zuellig Building Residential Discovery Primea Grand Soho Makati Makati Diamond Residences Makati Tuscany One Roxas Triangle Salcedo Park Twin Towers The Residences at Greenbelt The Shang Grand Tower Ayala Center Ayala Museum Glorietta Greenbelt Holiday Inn & Suites Makati InterContinental Manila Makati Shangri - La, Manila Other landmarks Ayala Triangle Gardens Makati Medical Center Mandarin Oriental Manila Salcedo Park The Peninsula Manila Washington Sycip Park Education Asian Institute for Distance Education Asian Institute of Management CAP College Foundation Centro Escolar University Makati Far Eastern University Makati iAcademy Mapúa University Makati Transportation Roads Amorsolo Street Arnaiz Avenue Ayala Avenue Chino Roces Avenue Gil Puyat Avenue Makati Avenue Paseo de Roxas Rail Ayala station Buendia station ( Line 3 ) Dela Rosa railway station Pasay Road railway station Italics denote buildings under construction or planned. Jump up ^ http://www.bsp.gov.ph/banking/psoc/by_ranks/assets.htm Retrieved from `` https://en.wikipedia.org/w/index.php?title=Development_Bank_of_the_Philippines&oldid=802454603 '' Categories : Banks of the Philippines Development finance institutions Government - owned and controlled corporations Companies based in Makati Makati Central Business District Hidden categories : Articles needing additional references from May 2017 All articles needing additional references Pages using deprecated image syntax Pages using infobox company with unsupported parameters Talk Contents About Wikipedia Tagalog Edit links This page was last edited on 26 September 2017, at 06 : 53. Text is available under the Creative Commons Attribution - ShareAlike License ; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia ® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. About Wikipedia

Question: what is the function of development bank of the philippines
Answer: primarily tasked to provide banking services to cater to the needs of agricultural and industrial enterprises