State-owned Development Bank of the Philippines (DBP) has allotted ₱96.75 million under its flagship corporate social responsibility (CSR) program, which expands access to quality education nationwide to financially challenged high school students, a top official said.
DBP President and Chief Executive Officer Michael O. de Jesus said the Bank is launching the second year of implementation of the DBP Integrated Scholastic Program for Inclusive and Responsive Education (DBP INSPIRE), which would benefit 500 scholars from across the archipelago.
“Through the DBP INSPIRE program, we seek to bridge opportunities for more underprivileged students to fulfill their aspirations and support the Marcos Jr. Administration’s broader agenda of improving access to quality education,” de Jesus said.
DBP is the ninth largest bank in the country with total assets of ₱1.041 trillion and provides credit support to four priority sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
DBP INSPIRE is a five-year omnibus program launched last year to provide financial assistance to college students who are taking priority courses aligned with the Philippine Development Plan for 2023-2028 such as Accountancy, Education, Engineering and its related fields, Agriculture and Forestry, Sciences, Maritime, Informational Technology, and Technical Vocational courses.
De Jesus said that the ₱96.75 million will cover the financing of tuition and miscellaneous fees for all year levels of the beneficiaries, including living allowances for food, lodging, and study materials, while adding that new courses such as marine biology and environmental sciences and oceanography will also be supported.
He said for the second batch of the program, the Bank has engaged 11 partner educational institutions across the country─ including six state universities and colleges, namely Pamantasan ng Lungsod ng Maynila, Cebu Normal University, West Visayas State University, Mindanao State University Tawi-Tawi, Mindanao State University Iligan Institute of Technology, and Jose Rizal Memorial State University – Dipolog.
“Five private higher education institutions, namely University of Baguio, STI Education Services Group, Cebu Institute of Technology – University, Notre Dame of Marbel University, and Holy Child Central College, Inc. have also been tapped as partner schools,” de Jesus said.
“DBP recognizes the transformative power of education in uplifting the lives of our Filipino youth, and it will continue to support the National Government in advancing initiatives for younger generations to become globally competitive individuals and key contributors to economic growth and national progress,” he added.
He added that the Bank has supported more than 5,000 scholars and allocated more than P1.5 billion for its educational CSR initiatives, starting with the DBP Endowment for Education Program (DEEP) in 2008 and the DBP Resources for Inclusive and Sustainable Education (DBP RISE) launched in 2018.
