Gov't likely to renew push for DBP charter after veto

THE Finance department is likely to continue pushing for the passage of a new charter for the Development Bank of the Philippines (DBP) in the next Congress after the previous proposal was vetoed, the state-run lender's top official said on Monday.

- By Kenneth Christiane L. Basilio

The bank hopes provisions that would increase its capital stock to P300 billion from P35 billion would be retained in the new bill that would be filed in the 20th Congress as these are a "key part" of the new charter, DBP President and Chief Executive Officer Michael O. de Jesus told BusinessWorld.

"This is up to the Department of Finance (DoF)," he said in an interview on the sidelines of a House of Representatives hearing. "I think they plan to start again, to refile and address all the issues on the veto. I think it will pursue the same one but with revisions and modifications."

"The [DBP's] priority is its increased capitalization," Manila Rep. William "Irwin" C. Tieng, who heads the House banks committee, told BusinessWorld in an interview. "But we will follow the guidance of Malacañang and the DoF regarding the new charter that we will file for the 20th Congress."