DBP Execs Lead Inauguration of Virac branch

Forty years after it first set foot in Catanduanes as a mere agency, the Development Bank of the Philippines formally inaugurated its first-ever branch office in the capital town last week, with the bank’s top executives in attendance.

DBP President and CEO Francisco del Rosario Jr. expressed the bank’s gratitude for being part of the history of the province and said it would endeavor to assist its people in the development of the abaca industry and agribusiness sector, including micro-enterpreneural activities.

Branch manager Vicente Balmaceda, who has roots in Bagamanoc, said the Virac office completes the bank’s presence in each of the six Bicol provinces and would seek to improve its deposit base here and offer competitive market rates in financing business ventures.

On the other hand, Congressman Cesar Sarmiento, who flew in with the visitors, said he sought the assistance of DBP Director Alberto Lim in developing tourism in Catanduanes. He thanked Lim for allocating P5 million for the development of the Puraran boardwalk when the latter was still Tourism secretary.

Governor Joseph Cua said DBP’s entry in the local banking scene satisfies the great demand for financing institutions willing to help the emerging agribusiness sector, particularly those engaged in abaca and lasa processing. Capital mobilization would now be accessible to farmers and small and medium enterprises.

Also present during the inauguration of the branch office at the Old Capitol building were several DBP vice presidents, Vice Mayor Roy Laynes who represented Virac Mayor Cito Alberto, provincial board members, some mayors and other local officials.

Source: Catanduanes Tribune - 19 July 2012