STATE-OWNED Development Bank of the Philippines (DBP) has entered into a partnership with the Office of the Presidential Adviser on the Peace Process (OPAPP) to ensure the proper disbursement and prudent management of funds donated to the agency, a top official said.
DBP president and chief executive officer Emmanuel Herbosa said under the Memorandum of Understanding (MOU) with OPAPP, the Bank’s Trust Banking Group (DBP-TBG) would serve as overall fund manager of OPAPP resources, which are earmarked for the various socio-economic programs of the agency.
“This partnership is a boon for our development efforts especially in conflict areas in the country,” Herbosa said. “While OPAPP is primarily committed to attaining inclusive and sustainable peace, DBP is driven by a mandate to bring about inclusive and sustainable growth.”
DBP is the eighth largest bank in the country with assets totaling P667.91-billion as of end June 2019. It provides loans to strategic sectors such as infrastructure and logistics, small and medium enterprises, social services and community development, and the environment.
OPAPP is the lead agency tasked to “oversee, coordinate, and integrate the implementation of the comprehensive peace process of the National Government.” It was created in 1993, through Executive Order (EO) No. 125, which was later amended in 2001 with the signing of EO No. 3.
Under the partnership, DBP-TBG will provide the fiduciary arrangement support to OPAPP covering disbursement management, fund acceptance and fund management.
Herbosa said that DBP remains committed to supporting programs and projects that will improve the level of social services and infrastructure to help Mindanao achieve its full potential.
“We are absolutely on the same page with OPAPP in making sure that critical resources are tapped to work for the greater good, under the framework of a comprehensive peace process,” Herbosa said.
DBP director Maria Lourdes Arcenas said that the DBP Board shares the vision of OPAPP which is enabling conflict-affected communities to forge partnerships in reinforcing access to inclusive growth to reduce vulnerabilities and counter violent extremism.
“Consistent with the DBP and OPAPP mandates, this MOU augurs well for sustainable peace and the equitable development of Mindanao,” Arcenas said./PN