lucky play168 or lp99 House approves bill creating a new charter for DBP

MANILA, Philippines — The House of Representatives on Tuesday approved on third and final reading a bill that will create a new charter for the Development Bank of the Philippines (DBP).

During the plenary session, House Bill (HB) No. 11230 or the proposed New Development Bank of the Philippines was approved with 199 lawmakers voting in the affirmative, three in the negative, and zero abstentions.

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HB No. 11230, a consolidation of six bills, seeks to repeal Executive Order No. 81 issued on December 3, 1986, which contains the 1986 Revised Charter of the DBP.

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With the proposed measure, DBP will be tasked to support the programs of the government that are aimed at propelling economic growth and increasing, like for the following sectors:

Article continues after this advertisement development of both digital and physical infrastructure expansion of businesses, especially micro, small, and medium enterprises (MSMEs) high-impact programs in education, health care, housing, other social services, and those that support the protection of the environment

Aside from these, the capital stock of the DBP will be increased to P300 billion, subdivided into three billion shares, or a value of P100 per share. This will be an increase from the current P35 billion.

The Philippine Hotel Owners Association Inc. (PHOA) revealed their target on Wednesday, October 16, during the official unveiling of the Philippine Hotel Industry Strategic Action Plan (PHISAP) 2023-2028 at the Westin Manila Hotel in Ortigas.

In a document posted on its website, the DOE said the projects were endorsed to the National Grid Corp. of the Philippines (NGCP) for a system impact study.

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Under the bill, the government will be required to always own at least 70 percent of the total outstanding capital of DBP.

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“The capital stock of the Bank shall be Three hundred billion pesos (P300,000,000,000.00) divided into three billion (3,000,000,000) shares, with a par value of One hundred pesos (P100.00) per share. The Board shall determine the classification of shares, their corresponding rights, privileges, or restrictions, if any,” the bill read.

“Provided, that the National Government shall own, at all times, at least seventy percent (70%) of the total outstanding capital stock of the Bank,” it added.

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Government-owned and controlled corporations or GOCCs are also allowed to place investments with the DBP.

“The provisions of their respective charters to the contrary notwithstanding, all GOCCs, including government financial institutions, are authorized to invest in shares of stock of the Bank,” the bill stated.

Last March 7, 2024, DBP president and chief executive officer Michael de Jesus said that they are working with the Department of Finance (DOF) and lawmakers toward reforming DBP’s 26-year-old charter, so that they can “cater to the demands of an ever-changing market and rapidly-evolving economic landscape.”

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“We are working hand-in-hand with all stakeholders, especially the DOF in ensuring that DBP would be able to finance more developmental projects especially in the countryside,” de Jesus said in a statement posted on DBP’s website.

“These amendments are needed to boost our financial position and make the Bank responsive to the evolving needs of our clientslucky play168 or lp99,” he added.

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