DBP on track to hit P5-B profit goal

THE DEVELOPMENT Bank of the Philippines (DBP) is on track to hit its P5-billion income target this year, its top official said.

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The state-run bank also plans to restructure its loans to government contractors amid repayment issues to improve its financial position.

“We're targeting about P5 billion this year, approximately. So, we're on target. Right now, we're about half of that,” DBP President and Chief Executive Officer Michael 0. de Jesus told reporters on Thursday.

He said this was driven by loans for infrastructure projects.

DBP’s net income stood at P2.53 billion as of end-June, its latest financial statement posted on its website showed.

Mr. De Jesus said the bank will extend the payment terms of their “legacy loans” to help their contractor clients repay their debt and fix past dues that weigh on the DBP’s asset quality.