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House panel approves bill amending DBP’s charter

THE HOUSE Committee on Banks and Financial Intermediaries has approved a bill revising the charter of the Development Bank of the Philippines (DBP).

The House panel on Monday approved the committee report on House Bill (HB) 8454 or the proposal on the new charter of the DBP.

The panel’s chair, Quirino Province Rep. Junie E. Cua, said during the hearing: “There is a motion that we approve the committee report on the amended DBP charter subject to style and hearing no objection, the committee report is hereby approved.”

Mr. Cua said the bill will be submitted to the Committee on Rules before it faces plenary debates when Congress resumes sessions in May. Sessions are suspended starting on March 25.

HB 8454’s explanatory note said the amended charter will boost DBP’s mandate to “fuel the growth of the economy.”

The proposed measure seeks to amend the DBP charter by expanding the powers and functions of the state-owned bank through an increase in its capitalization. The bill seeks to increase the bank’s capital stock in compliance with risk-based capital ratio and other risk regulations of the Bangko Sentral ng Pilipinas.

The amended charter will also authorize DBP to engage in traditional and non-traditional modes of financing.

The bank’s charter was last amended through Republic Act No. 8523, which was signed in 1998.

The Senate has yet to file a counterpart bill for the DBP charter amendments. — G.M. Cortez

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