Press Release - Explanation of Vote: SBN 2804 New Development Bank of the Philippines Act Senator Joel Villanueva

Mr. President, dear colleagues, we wholeheartedly support the approval on Third Reading of Senate Bill No. 2804 or the New Development Bank of the Philippines Act. We would like to thank and congratulate the sponsor of the measure, Sen. Mark Villar, for pushing for this very important piece of legislation.

Since its establishment, the DBP has served the medium- and long-term financial needs of various sectors, particularly agricultural and industrial enterprises in the countryside.

This bill is a response to the changing times that require us to provide our people with more resources to fund developmental projects and ventures and promote financial inclusion. This is a commitment to revitalizing our economy and addressing the pressing needs of various sectors by augmenting the bank's capacity to support infrastructure, agriculture, and small businesses - which are all vital to achieve sustainable growth.

We thank the sponsor for accepting all our amendments in order to strengthen the safeguards in the measure and ensure that with the expansion of its developmental mandate, the bank can meet its operational demands and maintain service quality.

In closing, we are hopeful that the new charter of the DBP will ultimately contribute to the provision of more jobs to the Filipino people, foster innovation, and drive inclusive growth.

Again, we vote YES to this measure.

Thank you and may God bless us all.