The House of Representatives has approved on second reading House Bill No. 11230, the proposed New Development Bank of the Philippines (DBP) Act, which seeks to repeal the bank’s 1986 charter.
If enacted, DBP will focus on supporting government programs in infrastructure, MSME expansion, social services, and environmental protection, with its capital stock increased from PHP 35 billion to PHP 300 billion.
The bill mandates the government to retain at least 70% ownership of DBP’s capital stock while allowing GOCCs to invest in the bank.
DBP President Michael de Jesus emphasized the reform’s goal to meet the demands of a dynamic market and fund more developmental projects, particularly in rural areas.
The measure consolidates six bills and passed via voice voting during Monday’s session.
Source: PhilNews24 | January 21, 2025
