Development Bank of the Philippines
Corporate brand
UnclaimedA Philippine government-owned development bank financing infrastructure, agriculture, industry, social services, small and medium-sized enterprises, and environmental projects.
Last updated August 26, 2026
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Overview
The Development Bank of the Philippines, commonly known as DBP, is a government-owned development bank headquartered in Makati. Its principal public mandate is to provide banking and credit services that support economic development in the Philippines, particularly where long-term financing, project finance, or policy-oriented lending may be less readily supplied by purely commercial institutions. The bank serves agricultural and industrial enterprises and has developed a wider role covering infrastructure and logistics, social services, small and medium-sized enterprises, and environmental investments. DBP's institutional roots extend to the Commonwealth period. In 1935, the National Loan and Investment Board was established to coordinate government trust funds, including the Postal Savings Fund and the Teacher's Retirement Fund. In 1939, the board's functions were transferred to the Agricultural and Industrial Bank, which operated until the disruption caused by the Second World War. In 1947, the Philippine government created the Rehabilitation Finance Corporation through Republic Act No. 85. The new institution absorbed the Agricultural and Industrial Bank's assets and responsibilities and was tasked with extending credit for agriculture, commerce, industry, and the reconstruction of war-damaged property. The modern DBP name dates from 1958, when the Rehabilitation Finance Corporation was reorganized. This change reflected a transition from an institution focused principally on postwar reconstruction to a broader development bank supporting national economic growth. With initial capital of 500 million pesos, DBP expanded its facilities and established a nationwide branch network. It also sought domestic and international funding, including direct borrowing from international financial institutions, to supplement its capital and extend development lending. The bank experienced a serious deterioration in asset quality during the late 1970s and early 1980s, when numerous non-performing accounts weakened its financial viability. Following the change in government in 1986, Executive Order No. 81 reorganized DBP and provided a new charter. The government assumed the bank's non-performing assets and liabilities, allowing DBP to begin an institutional strengthening program. This included revisions to credit procedures, employee training, and renewed lending programs for housing, agriculture, and small and medium-sized enterprises. DBP received an expanded banking license and universal banking status in 1995. Republic Act No. 8523, signed in 1998, further amended its charter, increased authorized capital stock from 5 billion pesos to 35 billion pesos, and established the position of president and chief executive officer. Under its current public-sector framework, the bank is governed by a nine-member board appointed by the President of the Philippines. The chairman is selected from among the directors, while the president serves as chief executive and vice-chairman of the board. As a government-owned and controlled corporation, DBP is required to declare and remit at least half of its annual net earnings to the National Government. DBP operates a nationwide distribution network. The reference material records 146 branches, including 14 branch-lite units, as of October 2022. In 2023, it was described as the eighth-largest Philippine bank by assets and the second-largest among the country's government-owned and controlled banks. Its government-bank peer group includes Land Bank of the Philippines, Overseas Filipino Bank, and Al-Amanah Islamic Bank. DBP also maintains subsidiaries and affiliates in Islamic banking, leasing, data services, and management services. The bank's continuing role is therefore both commercial and policy-oriented: it provides ordinary banking products while directing capital toward nationally significant sectors and development priorities.
History
DBP's institutional lineage begins in 1935, when the Philippine Commonwealth created the National Loan and Investment Board to coordinate public trust funds such as the Postal Savings Fund and the Teacher's Retirement Fund. In 1939, those functions moved to the Agricultural and Industrial Bank. The latter's operations were interrupted by the Second World War, which left major damage to Philippine infrastructure, property, commerce, and productive capacity. The postwar government responded by establishing the Rehabilitation Finance Corporation in 1947 under Republic Act No. 85. The corporation absorbed the Agricultural and Industrial Bank's assets and assumed its functions, while receiving a wider reconstruction mandate. It extended credit for agriculture, commerce, and industry and helped finance the rehabilitation of war-damaged properties. This 1947 institution is the direct predecessor of today's Development Bank of the Philippines. In 1958, the Rehabilitation Finance Corporation was reorganized and adopted the DBP name. The reorganization marked a strategic broadening: the institution was no longer limited to emergency rehabilitation but was expected to support long-term national economic development. Starting with reported initial capital of 500 million pesos, DBP expanded its facilities, built a nationwide branch network, mobilized local and foreign resources, and borrowed directly from international financial institutions. The bank's financial position weakened during the late 1970s and early 1980s as numerous non-performing accounts accumulated. In 1986, President Corazon Aquino issued Executive Order No. 81, which reorganized DBP and supplied a new statutory charter. The government took over the bank's non-performing assets and liabilities. DBP then began a major institutional strengthening effort involving revised credit processes, staff training, and a renewed lending focus. Lending windows for housing, agriculture, and small and medium-sized enterprises were reopened as part of the recovery program. DBP gained an expanded banking license and universal banking status in 1995. In 1998, Republic Act No. 8523 amended the 1986 charter. Among its provisions, the law raised authorized capital stock from 5 billion pesos to 35 billion pesos and created the position of president and chief executive officer. These changes reinforced the bank's ability to operate as a broad financial institution while retaining its development mandate. DBP's governance remains closely connected to the Philippine state. Its affairs and properties are managed by a nine-member board whose members are appointed by the President of the Philippines. The president of the bank is elected by the board from among its members, with presidential advice and consent, and serves as chief executive and vice-chairman of the board. The chairman is selected from among the directors and cannot simultaneously hold the presidency. As a government-owned and controlled corporation, DBP is required to declare and remit at least half of its annual net earnings to the National Government. In the twenty-first century, DBP has concentrated its development-finance role in infrastructure and logistics, social services, small and medium-sized enterprises, and environmental projects, while continuing to serve agricultural and industrial borrowers. It has also maintained subsidiaries and affiliates in Islamic banking, leasing, data services, and management services. The reference material records 146 branches, including 14 branch-lite units, as of October 2022. In 2023, DBP was described as the eighth-largest Philippine bank by assets and the second-largest among government-owned and controlled banks. The possibility of combining DBP with LandBank has periodically shaped discussion of the institution's future. A merger was approved in principle in 2016 but later cancelled. The proposal resurfaced in 2023, although the central bank reported that no formal application had been submitted by October of that year. In February 2024, Finance Secretary Ralph Recto stated that the proposed merger would not proceed. DBP therefore remains a separate state-owned development bank, operating through its own board, management, lending programs, and affiliated financial institutions.
- 2024
Proposed LandBank merger abandoned
[1]The Philippine finance secretary announced that the proposed merger of DBP and LandBank would not proceed.
- 1998
Charter amended and authorized capital increased
[1]Republic Act No. 8523 amended DBP's charter, increased authorized capital stock from 5 billion pesos to 35 billion pesos, and created the president and chief executive officer position.
- 1995
Universal banking status granted
[1]DBP received an expanded banking license and attained universal banking status.
- 1986
Bank reorganized under a new charter
[1]Executive Order No. 81 reorganized DBP, transferred non-performing assets and liabilities to the government, and initiated institutional and credit-process reforms.
- 1958
Development Bank of the Philippines name adopted
[1]The Rehabilitation Finance Corporation was reorganized as DBP, reflecting a move from a primarily rehabilitation-focused institution toward broader economic development banking.
- 1947
Rehabilitation Finance Corporation created
[1]Republic Act No. 85 established the Rehabilitation Finance Corporation to finance postwar reconstruction and extend credit to agriculture, commerce, and industry.
- 1939
Agricultural and Industrial Bank takes over related functions
[1]The Agricultural and Industrial Bank assumed the functions previously handled by the National Loan and Investment Board.
- 1935
National Loan and Investment Board established
[1]The Commonwealth government created the National Loan and Investment Board to coordinate public trust funds, laying an early institutional foundation for later development-finance bodies.
Products and positioning
A policy-oriented national development bank that combines universal banking capabilities with government-directed financing for infrastructure, productive industries, social services, smaller businesses, and environmental priorities.
Development lending
Infrastructure and logistics finance
DBP provides development-oriented financing for infrastructure and logistics projects, supporting physical connectivity and services relevant to national economic activity. The bank's mandate positions these facilities as policy-linked lending rather than ordinary consumer banking, with an emphasis on projects that contribute to broader Philippine development objectives.
Business and sector finance · 1947
Agricultural and industrial loans
Agriculture and industry are longstanding areas of DBP's mandate. The bank extends credit to productive enterprises and sector participants, continuing the role first assigned to its predecessor institutions and the postwar Rehabilitation Finance Corporation. These facilities support economic activity beyond the bank's infrastructure portfolio.
Business lending · 1986
SME financing
DBP maintains lending windows for small and medium-sized enterprises. SME finance forms part of the bank's development mandate and is intended to improve access to capital for smaller businesses that contribute to employment, local production, and regional economic activity.
Social and housing finance · 1986
Social services and housing finance
Following its 1986 reorganization, DBP reopened lending windows for housing and social priorities. These facilities complement its infrastructure and enterprise lending by directing financing toward services and assets with public-welfare or social-development relevance.
Sustainable finance
Environmental finance
Environmental projects are one of DBP's four stated major financing areas. The bank uses its development-finance role to support projects connected with environmental protection and sustainable economic activity, although the available reference material does not specify individual named products.
Financial services
Guarantees and investments
In addition to lending, DBP's typical financial services include guarantees and investments. These capabilities allow the bank to support development projects through instruments other than direct loans, although specific program names, eligibility criteria, and current terms are not identified in the supplied material.
Brand decisions
2024
Decision not to pursue LandBank mergerM&ABackground
After renewed public discussion and the absence of a formally submitted application, the government reassessed the proposed combination.
Action taken
Finance Secretary Ralph Recto announced in February that the proposed DBP-LandBank merger would no longer be pursued.
Aftermath
DBP remained a separate government-owned development bank.
2023
Renewed consideration of a DBP-LandBank mergerM&ABackground
The merger idea returned under the administration of President Ferdinand Marcos Jr., with public discussion of a possible completion around the middle of 2024.
Action taken
The government again considered combining DBP and LandBank, but the Bangko Sentral ng Pilipinas reported in early October that it had not formally received a merger application.
Aftermath
The proposal did not advance to completion and was subsequently abandoned.
2016
Approval of proposed DBP-LandBank mergerM&ABackground
The Philippine government considered combining two state-owned banks as part of its public-sector banking strategy.
Action taken
President Benigno Aquino III approved the proposed merger, subject to approval by the Bangko Sentral ng Pilipinas and written consent from the Philippine Deposit Insurance Corporation.
Aftermath
The proposal was later cancelled for implementation by the Governance Commission for GOCCs under the succeeding administration.
Recent events
- Unconfirmed
Reported
DBP wins three ADFIAP Development Awards[2]
Development Bank of the Philippines won three awards at the ADFIAP Development Awards 2026: one award in the Corporate Social Responsibility category and two merit awards for its financial inclusion and countryside development initiatives.
- Unconfirmed
Reported
Citicore secures financing for Batangas solar projects[3]
Citicore Renewable Energy Corporation secured ₱35.014 billion in syndicated project financing from BPI, LANDBANK, and DBP to develop five solar power projects in Batangas with a combined capacity of 900 MWp.
- Unconfirmed
Reported
DBP launches 'Save 2 Win' deposit campaign[4]
State-run Development Bank of the Philippines launched its 'Save 2 Win' campaign to attract fresh deposits from individual and institutional depositors, offering cash prizes of up to P250,000 to winning individual depositors and gift certificates to institutional depositors. The campaign is open at all DBP branches nationwide and runs until Dec. 31 this year.
Reported
DBP and the Department of Agriculture sign cash-assistance disbursement agreement[5]
The Development Bank of the Philippines signed a memorandum of agreement with the Department of Agriculture to facilitate disbursement of financial assistance to the agriculture sector, including through DBP accounts and other electronic fund-transfer channels.
Reported
DBP announces planned Swine R3 Credit Program[6]
The Development Bank of the Philippines said it was set to roll out the Swine R3 Credit Program, a credit facility for hog raisers to fund bio-secured swine farms and farm equipment.
Reported
Cebu Pacific announces planned bank-loan fundraising[7]
Cebu Pacific said it was seeking to raise between 12.5 billion and 16 billion Philippine pesos through loans from various banks to finance its business recovery efforts; the amount was not final, and the airline aimed to close deals within the quarter.
- Unconfirmed
Reported
DBP and RBAP sign partnership agreement[8]
The Development Bank of the Philippines signed a memorandum of understanding with the Rural Bankers Association of the Philippines to develop and implement strategic growth initiatives for countryside development and banking services for underserved communities. About 420 RBAP members are to receive enhanced access to DBP digital banking services and credit programs.
Reported
Italpinas Development secures P250-million loan from DBP[9]
Italpinas Development Corp. secured a P250-million loan from the Development Bank of the Philippines to augment its operating capital.
Sources9 sources
- 1Development Bank of the Philippinesen.wikipedia.org
- 2DBP获得三项ADFIAP发展奖manilatimes.net
- 3Citicore为巴丹格斯太阳能项目获得融资punto.com.ph
- 4DBP推出“Save 2 Win”存款活动philstar.com
- 5DBP与农业部签署现金援助发放协议journal.com.ph
- 6DBP 宣布计划推出 Swine R3 信贷计划sunstar.com.ph
- 7宿务太平洋航空宣布计划通过银行贷款融资gmanetwork.com
- 8菲律宾开发银行与菲律宾农村银行家协会签署合作协议manilatimes.net
- 9Italpinas Development 获得菲律宾发展银行 2.5 亿比索贷款manilatimes.net
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