State-run Development Bank of the Philippines (DBP) listed P21 billion worth of two-year peso-denominated bonds on Friday.
The bond sale which would support its lending activities to strategic sectors, President and Chief Executive Officer Emmanuel G. Herbosa said at the listing ceremony at the Philippine Dealing & Exchange Corp. (PDEx).
The debt paper fetched a coupon of 2.5%, the lowest coupon yield listed to date, he said. The two-year debt was issued on Friday and will mature on Dec. 11, 2022.
“With additional funds to be raised at our disposal for development initiatives, DBP can further support projects and investments that help generate employment, ensure access to basic goods and services, and address or mitigate a specific social issue to achieve positive social outcomes,” Mr. Herbosa said.
He added that the bank would sustain its lending programs to support sectors hit hard by the pandemic such as micro-, small- and medium-sized enterprises.
The state-run bank is among the main implementing agencies of the government’s relief programs during the pandemic, such as the interest rate subsidy program for loans obtained by local governments.
DBP had P761.5 billion in assets last year and was the country’s ninth biggest bank by assets. — Beatrice M. Laforga