State-owned Development Bank of the Philippines (DBP) has launched a P510-million corporate social responsibility program to improve access to quality education, the bank’s president said.
The DBP Integrated Scholastic Program for Inclusive and Responsive Education (DBP INSPIRE) is a five-year initiative aimed at supporting the government’s education agenda, according to DBP president and chief executive Michael de Jesus.
“The DBP INSPIRE program reinforces the bank’s commitment of fostering support to the education sector and is aligned with President Ferdinand R. Marcos, Jr.’s vision to place education at the forefront of the national development agenda,” de Jesus said in a statement.
The program includes a P437.5-million scholarship fund for financially-challenged students in courses such as engineering, accountancy, and agriculture. It will initially benefit at least 350 students and is a collaboration with the Department of Education and nine higher education institutions, including Bulacan State University and Polytechnic University of the Philippines.
It allocates P72.5 million to help improve school facilities and provide learning equipment for 150 public schools.
De Jesus said the new program builds on the success of two previous education initiatives, which had a combined budget of P1.5 billion and benefited over 5,000 scholars over 15 years.
The DBP is the 10th largest bank in the Philippines in terms of assets and provides credit support to key sectors of the economy, including infrastructure, small and medium enterprises, the environment and social services.
