About bank
The Development Bank of the Philippines (DBP), which has its headquarters in Makati, is a government-owned financial institution. It was founded in 1947, following World War II, as part of the government's efforts to repair the nation's war-damaged infrastructure. With assets of more than ₱1.1 trillion as of March 2021, it is the sixth-largest bank in the Philippines. DBP is the second-largest and one of the state-owned and controlled banks. As of June 2022, it had 12 lite-branch units and 131 branches across the country.
The DBP carries out all additional tasks associated with a thrift bank by using its new charter, which classifies it as a development bank. Its main goal is to provide financial services, focusing on small and medium-sized businesses, to meet the medium- and long-term demands of such companies.
An executive board composed of nine members chosen by the president of the Philippines is in charge of the bank's activities and businesses. The same body manages the preservation of its properties and the exercise of its corporate powers. The President of the Bank is selected by the board of directors who also serves as the CEO and the board's vice chairman.
Features
The DBP is a development bank, and its primary responsibility is to offer banking services that meet the demands of commercial and industrial organizations. Examples are its investment banking and capital markets, trade products and services, the DBP digital banking portal, and electronic banking.
It also carries out all other chores related to a thrift institution, like its deposit products, ATM services, fund transfer, and remittance services. It focuses on four main financial areas: social services, small and medium-sized businesses, infrastructure and logistics, and environmental services. Along with these, it provides trade, treasury, and products and services for investments.
Pros and cons
DBP has has the experience and reputation to be one of the country's most dependable financial institutions. Before using the bank's products and services, consider these advantages and disadvantages.
Pros
- The bank has been in operation for some time, which means they have the experience to produce first-class services.
- They have a good range of products and services.
- DBP provides online banking.
Cons
- Since it is a state-owned bank, there may be some political interference.
- The bank's website may be confusing, so getting specific information on the service you want may be challenging.
- Most of the bank's services are offline; customers must visit the branches before making banking transactions.
Products
The DBP provides a comprehensive range of products to meet its clients' financial and banking needs. They include:
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Deposit products. This includes the current account, peso accounts, the US dollar account, pensioner's account, the young earners savings, the wisdom account, the regular time deposit, and the high earner time deposits, amongst others.
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The EC remit. This gives Filipinos living abroad (OFs/OFWs) a SAFER (Secure, Affordable, Fast, Efficient & Reliable) method of sending money to loved ones and beneficiaries in the Philippines. It is a combination of traditional and electronic remittance services, such as fund transfers and payments through ATMs and banks, non-bank service providers (including pawnshops and rural banks), electronic payments, and online banking services.
- The DBP EC card. This savings account is created for the convenience of OFWs and OFW Beneficiaries. Send money internationally from any DBP remittance office or partner, and immediately obtain cash from any DBP ATM or any BancNet ATM.
- Cash pick-up. With this product, remittances can be claimed at any DBP bank or any of the country's more than 4,000 recognized or authorized pay outlets. Partners in payouts include M. Lhuillier and Cebuana Lhuillier.
- Payment to institutions. This product is used to update the Social Security System (SSS), Philhealth, Pag-ibig, and other public and private institutions with your monthly contributions or loan repayments.
Other products include payroll servicing, electronic tax filing, demand draft, foreign currency denominated bank draft, and manager's check.
