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2018 DBP Annual Report

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2018 DBP Annual Report 2 DEVELOPMENT BANK OF THE PHILIPPINES 4 DEVELOPMENT BANK OF THE PHILIPPINES As the nation marches towards progress, DBP supports the national government in achieving its agenda to power the country revved up towards sustainable economic growth. The cover presents a dynamic play for change of the bank’s corporate colors. Rays of blue and red open into a collage of infrastructure projects, depicting one of the key priorities OUR of DBP as the government’s infrastructure TRANSFORMATION bank. The historic 50-year old headquarters is prominently displayed in the design. It is a IN 2018 Made Us testament and witness to the long-term and unwavering commitment of DBP to ensure A Stronger And the country’s economic development. More Focused Development Bank Contents 1 Message from the President 20 Enduring Partnerships 69 Responsive Customer Care 2 Message to Stakeholders 34 Revitalized Governance 72 Re-invigorated Corporate Citizenship 4 Financial Highlights 36 Board of Directors 75 Audited Financial Statements 5 Milestones 48 Management Committees 82 DBP Subsidiaries 9 Revving Up The Nation 52 Senior Officers 84 DBP Products and Services 10 Purpose and Philosophy 55 Enhanced Risk Management 88 Expanded Network for 12 Delivering the Benefits 63 Re-Energized Organization Growth of Progress Artist’s Perspective of New Clark City Athletics Stadium courtesy of Bases Conversion Development Authority (BCDA) 2018 ANNUAL REPORT 1 MESSAGE FROM THE PRESIDENT My warmest greetings to the Development Bank of the Philippines (DBP) on the publication of its 2018 Annual Report. For several decades, DBP has been at the forefront of strengthening our economic growth through its array of relevant, responsive and purposeful development financing programs. Its vital role as a provider of reliable funding for essential public infrastructure projects under the government’s Build, Build, Build Program is also noteworthy. As you chronicle your operational and organizational achievements in the past year, may this occasion also rekindle your commitment to the highest level of efficiency and effectiveness in pursuit of development. I trust that you will continue to engage your clients to actively participate in our shared task of nation-building. I am hopeful that you will remain a steadfast partner of the government as we work towards a better future for the Filipino people. I wish you success in all your endeavors. RODRIGO ROA DUTERTE President Republic of the Philippines Manila June 2019 2 DEVELOPMENT BANK OF THE PHILIPPINES MESSAGE TO DBP concluded the year with a net income of Php5.6 STAKEHOLDERS billion, posting Php118.0 million increase or 2.1% year- on-year growth from Php5.5 billion in 2017. The increase We are proud to present to you the Development Bank is attributed to growth in gross income driven by higher of the Philippines’ Annual Report for 2018. The theme interest income, miscellaneous bank fees, Foreign of this Annual Report -- Revved Up for Change -- is our Exchange (FX) gains, and gains from investments such business theme for 2018 and part of the thematic road as the Fair Value through Profit/Loss (FVTPL) and Fair map DBP embarked on for the period 2016-2022. With Value through Other Comprehensive Income (FVOCI). this theme, DBP made great strides in the year 2018 These income contributions tempered the impact of living out its developmental mandate while maintaining higher cost of funds with the build-up in deposits in sound profitability and strong balance sheet. 2018. In the beginning of the year, the bank implemented At the close of 2018, DBP’s total equity reached Php51.5 a major change in its organizational structure. We billion—an increase of 6.8% from Php48.2 billion in unified our lending business in one sector and focused the previous year. This improvement in equity resulted our branches in deposit-taking activities. These from the combined positive impact of sustained net critical changes allowed us to aggressively pursue income growth, the Php2.0 billion capital infusion developmental lending and grow our deposit base. The from the national government, and the Philippine results speak clearly of the soundness of the strategy Financial Reporting Standard (PFRS) 9 adjustment as the bank’s total deposits reached Php474.9 billion to net unrealized market gain, offset by the increased in 2018, an increase of 15.1% from Php412.7 billion net unrealized losses, Php959.0 million payment of in 2017. By the end of 2018, DBP’s total assets which the 2016 dividend deficiency, and charges to Retained grew by 13.0% from the previous year stood at Php671.7 Earnings as an effect of the PFRS 9 classification and billion taking the 8th spot among the top banks in the measurement adjustments. country in terms of total assets. To further improve DBP’s capital position, we requested from the Department of Finance (DOF) a “zero- dividend rate” on net earnings for CY 2017 and CY 2018. The request would effectively provide Php 2.0 billion in additional capital for each of these years. The adjustment of dividend rate to zero for the year 2017 has recently been ordered by President Duterte through Executive Order (EO) No. 89. S2019. We expect that a similar approval of our request for dividend relief for net income of CY 2018 will be granted as this has already been favorably endorsed by the DOF to the Office of the President. With the improved capital position, DBP as an infrastructure bank designated by the DOF will be better able to support the Government’s Build, Build, Build Program, paving the way for the “golden age of infrastructure”. We continue with our various loan programs that have served regions and market segments not readily served by private commercial banks. These programs such as CRUISE, FUSED, and WATER fund the infrastructure needs of logistics and transport, power and water sectors. DBP’s ICONS, another program- based lending launched in 2017, have supported contractors who are seeking to complete projects and expand their 2018 ANNUAL REPORT 3 capacities. In its first full year of implementation in The bank also serves our people outside the country. 2018, ICONS contributed at least Php10.0 billion to the DBP is growing its OFW-related business with the aid total infrastructure loan portfolio. of technology to be able to provide 24/7 fund-transfer services and close-to-real-time response to customer The bank’s accomplishments in 2018 likewise included needs. To this end, DBP works with partners’ platforms enhancing our credit programs and providing for the for mobile applications, internet-based banking, and medium- and long-term financing requirements of other online remittance portals. economically viable projects. In 2018, the bank launched new lending programs such as DBP Program Assistance DBP continues to be effective in striking an optimal to Support Alternative Driving Approaches (DBP balance between risks inherent in development PASADA), in line with the Department of Transportation banking and sustainable and profitable operations. The (DOTr’s) Public Utility Vehicle Modernization Program; soundness of the bank has been affirmed by credit rating Rehabilitation Program for Agriculture and Industry agencies. DBP received a rating upgrade from S&P Responsiveness (DBP REPAIR) geared at expediting Global ratings from BBB to BBB+, two notches above the recovery and rebuilding process in calamity- the minimum investment grade, and assigned a “stable” stricken areas; and Broiler Contract Growing Program outlook. Earlier in 2018, Fitch also upgraded the credit (DBP BGCG), enabling contract growers to expand rating of DBP from BBB- to BBB. by facilitating project financing via a shortened loan processing time. DBP’s other credit programs include We believe that the revitalized organization has the Small Business Puhunan Loan program; Lending enhanced our effectiveness in delivering our product Initiative for Sanitation (LINIS); and Energy Efficiency and services to the sectors and areas which we serve. Savings (E2SAVE) financing program. We seek to prioritize investments in the human capital and to optimize our operational efficiency. We do this To ensure efficient service to one of our natural client by providing our human resources with special training base, the bank adopted a more streamlined approach programs, particularly in information technology, risk to servicing the credit needs of LGUs. We work closely management, trust banking, and treasury. with local government associations, such as the League of Governors and League of Municipalities to serve this Moving on, we are keen on ensuring our capability to customer segment more effectively. continually deliver better products and more effectively serve our clients while setting a high standard on The broad strategy for the bank’s journey towards compliance to our regulators. becoming a Php1.0 trillion bank by year 2022 include its sustained commitment to expand its reach in the We are deeply motivated to be able to do more and Philippine countryside. To this end, the branch network become a more valuable partner of our stakeholders in expanded in 2018 to include two new branches and moving this nation forward. We have come a long way Branch-lite Units (BLUs). In furtherance of our efforts in the last 71 years, yet the horizon still offers plentiful to promote financial inclusion in the country, 3 out of opportunities to spur growth and be an agent of change the total 10 BLUs had been deliberately located in the in strategic and critical sectors of Philippine society. unbanked Municipality of Banga, South Cotabato and the The National Government’s vision of a better life for underserved Municipalities of Dolores, Eastern Samar, every Filipino ignites our passion to stay responsive and Siaton, Negros Oriental. These DBP branches will and relevant as a development bank. We place your allow access to financial services to about 205,000 dreams at the core of our efforts giving us every reason residents as well as transients in the area.
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    philippine studies Ateneo de Manila University • Loyola Heights, Quezon City • 1108 Philippines The Minoros of Emiliano Gabuya Lolita Rodriguez Lacuesta Philippine Studies vol. 36, no. 3 (1988) 300–329 Copyright © Ateneo de Manila University Philippine Studies is published by the Ateneo de Manila University. Contents may not be copied or sent via email or other means to multiple sites and posted to a listserv without the copyright holder’s written permission. Users may download and print articles for individual, noncom- mercial use only. However, unless prior permission has been obtained, you may not download an entire issue of a journal, or download multiple copies of articles. Please contact the publisher for any further use of this work at [email protected]. http://www.philippinestudies.net Fri June 27 13:30:20 2008 Philippine Studies 36 (1988): 300-29 The Minoros of Emiliano Gabuya LOLITA RODRIGUEZ LACUESTA During a symposium on Sugbuanon literature at the University of the Philippines in 1978, Natalio Bacalso, speaking of Sugbuanon drama, touched on the moro-moro and its place in the history of Sugbuanon drama. He cited several writers of the moro-moro, among them, Emili- ano Gabuya. He said Gabuya gave "the moro-mom modem touches," and added that Gabuya's moro- mom, "has the trimmings of an opera" and that "many songs are strewn throughout. ."I But Emiliano Gabuya (1905-62) was not, strictly speaking, a moro- mom writer. Nor did he simply give the moro-moro modem touehes. He wrote a type of drama that was derivative of the moro-mom (christened linambay by the Cebuanos) but which differed radically from it.
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