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DBP chief named top CEO by Asia-Pacific finance group

05/02/2008

Tehran, Iran — Development Bank of the Philippines (DBP) president and chief executive officer Reynaldo David was named outstanding CEO of the year by the Association of Development Financing Institutions in Asia and the Pacific.

David led DBP in achieving profits of $95 million in 2006 and $105 million last year. DBP also contributed the one of the biggest dividends for the government among state financial institutions.

DBP was ranked among the world’s 1000 best managed commercial banks worldwide by The Banker magazine under David’s leadership. DBP achieved a country ranking of 4, and an international ranking of 718 (up from 769 previously) based on Tier 1 capital, real profits growth, and return on assets, among others. The bank also scored highest among 31 state corporations in the first run of the Corporate Governance Scorecard in 2006.

David was also responsible for DBP’s various undertakings including its participation in the privatization of Philippine National Oil Co. geothermal unit PNOC-Energy Development Corp. (PNOC-EDC) and its debut in the offshore market with its tier 1 hybrid capital securities, which raised the bank’s capital adequacy ratio to twice that of the minimum required by the Bangko Sentral ng Pilipinas (BSP).

DBP also participated in the $380-million Magat Hydropower Project Financing, the first power sector privatization with significant foreign participation.

The project was conferred the PFI power deal of the year award for Asia Pacific by PFI magazine. It was also cited as the best project finance and the best privatization in The Asset-Triple A House and Deal Awards 2007 by The Asset magazine.

David spearheaded a refocusing of the bank’s microfinance program towards advocacy and institutional building in 33 areas in Mindanao to further sustain DBP’s role of assisting small businesses.

DBP was among the first to respond to the plight of exporters and OFWs amid the strengthening of the peso through its hedging program. It also initiated an annual endowment for education program that provides free college education to 150 promising high school graduates from rural areas.