DBP Charter hurdles final reading in Senate

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DBP Charter hurdles final reading in Senate - Business Mirror

Quick Summary:

THE Senate approved on third and final reading last Monday a bill seeking to augment the capacity of the Development Bank of the Philippines (DBP) to support important sectors and significantly contribute to the economic development of the country.

One of the ways we can achieve this is to broaden the financial inclusion and accessibility of Filipinos needing additional resources for development projects.

THE salient features of the New DBP Charter include the following: increase in authorized capital stock; issuance of shares to the general public; designation of the Secretary of Finance as the ex-officio chairperson; and, the engagement in financial leasing in connection with government projects.