2007, November 26. Development Bank of the Philippines (DBP)
- 60th
Anniversary
Litho Offset.
Amstar Company, Inc. Perf. 14
Se-tenant
Blocks of 4, Miniature Sheets of
Sixteen (4 x 4),
Souvenir Sheets of
4
Se-tenant Blocks of Four (50,000)
7p
Stylized Ship and People
7p DBP
Building 1
7p DBP
Building 2
7p DBP
Building 3
Miniature
Sheets of 16 (12,500)
28p Souvenir
Sheets of 4 (10,000)
Graphic Designer: Rolando Carcamo
First Day Covers: Manila
DEVELOPMENT BANK OF THE PHILIPPINES - 60th
ANNIVERSARY
Development Bank of the Philippines
history can be traced back to the Commonwealth years when the early
infrastructure for development financing was laid down by the
government.
In 1935, the National Loan and
Investment Board (NUB) was created to coordinate and manage
government trust funds such as the Postal Savings Fund and the
Teachers' Retirement Fund.
In 1939, the
Agricultural and Industrial Bank (AIB), which absorbed the functions
of the NUB, was created and started to harness government resources
until the outbreak of war.
On January 2, 1947,
the government created the Rehabilitation Finance Corporation (RFC)
under R.A. No. 85 which absorbed the assets and took over the
functions of the AIB. The RFC provided credit facilities for the
development of agriculture, commerce and industry and the
reconstruction of properties damaged by the war.
In 1958, the RFC
was reorganized into the Development Bank of the Philippines. With
an initial capital of P500 Million subscribed by the government, DBP
expanded its facilities and operations to accelerate national
development efforts.
DBP delivered to
the economy substantial benefits in capital formation, employment
generation and increased revenues, particularly in the countryside. In the late seventies and
early eighties, however, its viability was undermined by an
increasing number of non-performing accounts following a period of
economic difficulty.
The Development
Bank of the Philippines, under its new charter, is classified as a
development bank and may perform all other functions of an expanded
commercial bank. Its primary objective is to provide banking
services principally to cater to the medium- and long-term needs of
agricultural and industrial enterprises with emphasis on small-and
medium-scale industries.
DBP also
undertakes continuous institutional strengthening efforts to ensure
its viability and strategic positioning towards globally competitive
operations