The Market Monitor Minding the Nation's Business
State-owned Development Bank of the Philippines (DBP) seeks to expand its presence in the retail banking segment by targeting one million new depositors in the next five years, DBP President and Chief Executive Officer Cecilia Borromeo said.
Borromeo said the bank will focus on small depositors especially those residing in underserved areas of the country as part of its advocacy to introduce more unbanked Filipinos into the financial mainstream.
“We’re looking at one million new depositors in the next five years translated to six new depositors per branch per day,” Borromeo said.
“We have to go out there and educate our countrymen as financial literacy is one of the advocacies of the bank,” she added.
Borromeo said DBP’s retail segment comprises 25 percent of its total deposits, adding that the bank will push for a five percent rise in deposit levels buoyed by the expected rise in deposits from the corporate and government segments.
As of last September 30, DBP’s deposit level stood at P367.32-billion, up by 15 percent from the P319.4 billion recorded in the same period last year.
DBP now has 125 branches and three extension offices nationwide.