VIGAN CITY, Ilocos Sur (PIA) – The state-owned Development Bank of the Philippines (DBP) opened its second branch in Ilocos Sur on April 11, upgrading its former branch-line unit in Cabugao town into a full-service branch.
This initiative supports economic development by reaching more clients in Ilocos Sur and Ilocos Norte, offering financial aid to farmers, fisherfolk cooperatives, and micro, small, and medium enterprises (MSMEs) to help grow their businesses.
The new branch, located in Barangay Rizal, Cabugao, was initially launched as a branch-line unit in January 2017. Since then, it has helped develop Cabugao and nearby towns, leading to this expansion.
Michael De Jesus, president and chief executive officer of the DBP, emphasized that the bank’s mission is not only to integrate unbanked and underserved communities into the formal banking system but also to offer accessible banking products to key sectors such as farmers, micro, small and medium enterprises (MSMEs), and local government units (LGUs).
“Equally important in our financial inclusion efforts is ensuring that we have a service delivery network where these products and services can be made available at the convenience of more and more Filipinos,” he said.
He added that the bank looks forward to serving current and potential clients with a full suite of services at the Cabugao branch.
The LGU of Cabugao expressed appreciation to DBP for their continued partnership and support in improving financial services and management in the locality.
DBP has supported about 8,000 farmers in Ilocos Sur and Ilocos Norte through partner cooperatives such as the Sacred HEART Savings Cooperative (Galimuyod), Nueva Segovia Consortium of Cooperatives (NSCC) (Caoayan), and Kailian Multi-Purpose Cooperative (MPC) (Candon City), among others.
According to Catherine Camarao, senior vice president and head of the DBP North and Central Luzon Lending Group, the bank lends through cooperatives due to its limited number of branches. These cooperatives then extend the loans to sub-borrowers, including farmers and entrepreneurs.
“We also support farmers individually like those involved in swine, milling, and shrimp farming,” she added.
One of its partners, Kailian MPC, has over 13,000 farmer members in the region.
John Bello, chief executive officer of Kailian MPC, described DBP as “heaven-sent” for offering timely support during the pandemic.
“They offered us P100 million in funding… which we used to lend to our rice farmer members,” he stated in a phone interview on April 16.
Kailian MPC received the funds in December 2023 and has already repaid one-third of the amount.
Bello also welcomed the opening of DBP’s new branch, saying it would make it easier for them to process documents and maintain partnerships.
Residents may avail of the services of DBP such as personal banking (ATM services, depositing, etc.), corporate and institutional banking (investments and capital marketing, etc.), and development lending for infrastructure and logistics and MSMEs, among others.
DBP branches in Cabugao and Vigan City are open from 8:30 AM to 3:30 PM.
DBP also offers online banking services for ATM account holders. To access, visit: https://www.bancnetonline.com/BancnetWeb/login.do or click EC Banking via the DBP website.
First-time users must register their accounts by clicking the “Register Now” option.
To further expand its reach, DBP is also planning to open a full-service branch in Candon City in the future. (CCMT/JMCQ, PIA Ilocos Sur)
