State-owned Development Bank of the Philippines (DBP) recently received the Visa Inclusive Growth Award 2017 for its role in promoting financial inclusion in the country.
DBP president and chief executive officer Cecilia Borromeo said that the award is in recognition of its Pag-IBIG DBP prepaid card, an innovative card-based disbursement solution for short-term loans granted by the Home Development Mutual Fund or Pag-IBIG Fund to its members nationwide.
“We are very much honored and inspired by this recognition given by Visa,” she said.
The Pag-IBIG-DBP prepaid card is designed to provide a more convenient, fast and secure way of disbursing short-term loan proceeds of fund members.
Equipped with the latest Europay, MasterCard and Visa (EMV) chip card technology that secures it against fraud and counterfeiting, the Pag-IBIG-DBP prepaid card allows owners to withdraw their funds through DBP and other banks’ ATMs.
Pag-IBIG-DBP prepaid card holders can enjoy cashless payment at VISA-accepting stores and outlets worldwide.
They can also use the card for online payments and on tap-to-pay Visa PayWave terminals.
Visa Philippines country manager Stu Tomlinson said that the company has committed to provide payment accounts to 500 million unbanked people as part of the World Bank’s call for Universal Financial Access by 2020.
“Congratulations to DBP for a job well done in furthering the cause of financial inclusion for the common Filipino. We appreciate the privilege of being your partner in this journey,” he said in a statement.