State-run Development Bank of the Philippines (DBP) is bolstering its development initiatives in Cavite to meet the burgeoning demand for lending programs, deposit products and cash services from both the public and private sector in the province, a top official said.
DBP president and chief executive officer Cecilia C. Borromeo said the bank has partnered with the City Government of Bacoor in Cavite for the distribution of 1,900 prepaid cards to the local government’s job order workers to facilitate payment of their salaries.
“The DBP Prepaid Cards ensure that the workers will not only be able to receive their salaries safely and conveniently, but also use it to pay for goods and services via Point-of-Sale terminals and online facilities through BancNet and Visa networks,” Borromeo said.
Bacoor City is classified as a first-class municipality in the province of Cavite with a population of over 600,000 residents and is the second most populous city in the province. It is divided into 73 barangays with retail, manufacturing, banking, and services as the city’s primary income earners.
Borromeo said DBP also granted a P25-million loan to a husband and wife entrepreneur to finance the construction of a three-storey commercial building along the main thoroughfare in the Bacoor and Imus areas that will house shopping centers, restaurants, school supplies stores, arcade centers, and a sky garden and bar.
She said the project is expected to provide up to 100 additional jobs that would be generated by the 35 commercial establishments and stalls that will locate in the establishment.
Borromeo said the Carmona Water District (CWD) availed of DBP’s Cash Management Solutions to facilitate CWD’s daily collection servicing requirements and promote efficiency in managing operating funds, increase productivity and realize cost savings for the agency.
“DBP shall continue working with LGUs not just in Cavite to provide effective and responsive solutions, programs and services that would further spur the growth of provinces nationwide,” she said.