DBP Raises P11B From Bond Offering

The Development Bank of the Philippines (DBP) has successfully raised P11 billion through a dual bond offering to support the anticipated increase in lending activities this year.

- By CATHERINE TALAVERA

In a statement, DBP president and CEO Michael de Jesus said the bank's fixed rate series 6A bonds and fixed rate series 6B bonds were oversubscribed by five-and-a-half times over the minimum offer size of P2 billion.

The DBP said the local bond issuance is part of efforts to diversify the bank's funding sources in anticipation of increased lending activities this year.

"This latest bond issuance is a testament to the trust and confidence of the market in DBP as a government financial institution and allows the bank to expand its funding sources even as it ramps up its lending activities in support of the Marcos Administration's economic agenda," De Jesus said.