Press Release - Senator Mark Villar: New DBP Charter approved on Second Reading

The new charter of the Development Bank of the Philippines (DBP) has been approved on Second Reading before the Senate plenary. Senator Mark Villar is the sponsor and one of the authors of the measure.

"Isa po sa ating mga advocacy dito sa Senado is to future-proof our economy and stimulate economic activity. Isa sa mga paraan para makamit natin ito is to broaden the financial inclusion and accessibility of Filipinos needing additional resources for development projects. This is the very mandate of the DBP -- to provide development financing for Filipinos," Senator Mark said.

The new charter of the DBP is enshrined in Senate Bill No. 2804, authored by Senator Mark Villar and Senate President Chiz Escudero, and has undergone multiple consultative meetings, public hearings, and technical working group sessions, which Senator Mark sponsored on the Senate floor in the past week.

Apart from his own amendments, Senator Mark also discussed and accepted various amendments from Senators Koko Pimentel and Joel Villanueva before having the bill approved on Second Reading.

"I would like to thank my dear colleagues for their valuable input and support to the new charter of the DBP. It is a win for every Filipino to have the DBP's charter be aligned with the modern challenges and demands of the constantly changing economic and social landscape in the country," Senator Mark further said.

"Isinusulong po natin ang bagong Charter ng DBP upang mabigyan ang institusyon ng additional capacity to deal with the increased demands for financial resources of different projects from vital sectors. Bukod sa karagdagang access sa financial resources na maibibigay ng DBP, trabaho para sa mas maraming Pilipino ang isa rin sa mga masisigurado nating outcome nitong proposed amendments," He further highlighted.

Some of the salient features of the new DBP's Charter include the following: (1) increase in authorized capital stock; (2) issuance of shares to the general public; (3) designation of the Secretary of Finance as the ex-officio chairperson; and (4) the engagement in financial leasing in connection with government projects.

The new charter of the DBP is only a few days away from being