DBP EMMANUEL HERBOSA

In his sterling four-decades long career, Development Bank of the Philippines (DBP) President and Chief Executive Officer (CEO) Emmanuel G. Herbosa has led organizations with a keen sense of responsibility. He has held leadership roles in corporate banking, consumer banking, branch banking, and overseas banking in various financial institutions such as the Bank of the Philippine Islands and Bank of Commerce. Previously, he was also COO of Ayala Insurance and President and CEO of Philippine Guarantee Corporation (PGC).

Here he shares his insights on the country’s economic recovery and the role DBP plays in this effort.

1. As the current President and CEO of DBP, what are the challenges you’ve encountered during this
pandemic? How did DBP address these?

We experienced a large increase in the volume of loan applications as most universal and commercial banks imposed stringent credit standards due to the pandemic. Consequently, the DBP Board of Directors and the Bank’s credit committees and lending units continued to meet regularly, either online or face-toface, while strictly adhering to the prescribed health protocols to discuss how the Bank could respond to the funding requirements of the business industry.

2. NEDA Acting Secretary Karl Chua reiterated that he is hopeful that due to the reopening of the economy (along with safety protocols), our economy will bounce back. This is despite an 11% drop in our
country’s GDP during 2020’s third quarter. What is your take on this?

As a government financial institution, DBP has aligned its economic assumptions with that provided by national government agencies, such as NEDA. May I add that despite the 11% GDP drop in the third quarter of last year, this is still an improvement over the second quarter contraction, and this likewise demonstrates the gradual recovery of the economy. There have also been significant improvements in the employment situation compared to the peak of community quarantine restrictions......