For 73 years, the Development Bank of the Philippines has played a pivotal role in funding the evolving development needs of the country. The Bank has supported not only infrastructure development, but human development as well. As a developmental funding institution, DBP is committed to broadening not only financing options and investment opportunities but to also extending financial assistance to support government reforms and priority initiatives.
Carrying on with its commitment to promote the welfare of Filipinos particularly the underprivileged and undereducated, DBP signed a memorandum of agreement with 19 partner-schools across the archipelago for the implementation of the second phase of the DBP Resources for Inclusive and Sustainable Education (DBP RISE) program.
The DBP RISE scholarship program is financed by a P500-million seed fund, and targets underprivileged but deserving high school graduates who will specialize in courses that are geared towards the national government’s “Build, Build, Build!” infrastructure program including: engineering, architecture, real estate management, accountancy, education, agriculture and forestry, allied medical courses, hospitality, and information technology.
“DBP RISE is a testament to DBP’s belief that every Filipino is capable of achievements that will lead to developmental feats,” said DBP President and Chief Executive Officer Emmanuel G. Herbosa. “Through the program, DBP hopes to be able to improve not only the lives of the scholars but to contribute in their transformation as productive members of society that would share in the advocacy of advancing country-wide growth.”
The program was launched as an off-shoot of the Bank’s long-standing CSR flagship program—the DBP Endowment for Education Program (DEEP)—which is nearing its completion after more than a decade of empowering youth. Since its inception in 2008, DEEP has supported the studies of 3,613 scholars coming from 39 partner institutions from all over the country, and has already produced 3,375 graduates with 94% now gainfully employed.
“Taking into consideration the United Nation’s Sustainable Development Goal indicators that would contribute to the full implementation of the Philippine Development Plan (PDP) 2017-2022, we’ve re-calibrated and re-designed DEEP, and re-introduced the program in 2018 with greater focus on priority courses such as allied medicine and infrastructure development in support of the government’s national build-up program,” Herbosa added.
Through its creative collaboration with selected partner-schools, DBP aims to support the education of 2,500 scholars by the end of DBP RISE’s run in 2023, thereby responding to the growing demand for Filipino professionals both in the local and international global markets.
“To date, the Bank has already released P40.44-million to cover the financial requirements of DBP RISE scholars—including tuition, board and lodging expenses, living allowance, cost of apprenticeship, residency training, and expenses during review for board exams—which should all be adequately addressed in order that students may focus on staying fit and competitive in their respective academic endeavors,” said Herbosa.