DBP’s David, CEO of the Year

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Based on his remarkable achievements in the field of development finance, Mr. Reynaldo G. David, President & CEO of the Development Bank of the Philippines (DBP), stood out among the other nominees and won the 2008 Outstanding CEO of the Year Award from ADFIAP.

Under Mr. David’s dynamic leadership, DBP continued to perform the delicate balancing act of accomplishing its development mandate while boosting its financial strength to record levels as it achieved a net income of US$95 million and US$105 million in 2006 and 2007, respectively. DBP contributes one of the biggest shares in dividends to the government by state financial institutions.

Among Mr. David’s notable achievements in DBP are the following:

* The Bank became the first government financial institution to issue capital notes. DBP also made a successful debut in the offshore market with its tier 1 hybrid capital securities, the first international deal of the Bank, and one of the biggest order books for a non-sovereign offshore offering.
* DBP scored highest among 31 state corporations in the Corporate Governance Scorecard in 2006, a commendable feat as it was the first run off the scorecard in the Philippines, and in the world. The Bank has produced and institutionalized a Code of Ethics to continue to promote best practices in governance and public service.
* DBP was the first bank to respond to the plight of exporters and overseas Filipino workers amidst the strengthening of the Peso through its hedging program.
* The Bank added another dimension to its mandate by initiating an Endowment for Education program that provides free college education to 150 disadvantaged yet promising high school graduates yearly for 10 years.
* DBP participated in the first power sector privatization to be successfully concluded with significant foreign participation – the US$380 million Magat Hydropower Project Financing.
* The Bank intensified assistance to micro-enterprises to raise income levels and living standards by re-focusing its microfinance program towards advocacy and institutional building, particularly to 33 identified unserved areas in Southern Philippines.
* DBP remained a formidable partner in the growth and development of micro, small and medium enterprises (MSME) through a package of assistance that combines credit and non-credit programs. Thirteen Business Assistance Centers are now strategically located in key areas in Luzon, Visayas and Mindanao, serving as one-stop shops for MSME support services such as e-services, business counseling, project development, and financial advisory.

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