DOF to strengthen DBP's stability; Transport group urges new DOTr chief to suspend jeepney modernization program

PTVPhilippines

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Transcript

00:00The Department of Finance, or DOF, is set to steer the Development Bank of the Philippines, or DBP,

00:05to greater financial stability and strengthen the bank's capacity to effectively address the needs of Filipinos.

00:12Meanwhile, following the appointment of a new Department of Transportation, or DOT, or Secretary,

00:17the transport group Manabela has expressed a desire to renew discussions with the government

00:22concerning the jeepney modernization program and its implementation.

00:26These and more in tonight's Business Wrap by Rick Orense.

00:32The Department of Finance is set to enhance the Development Bank of the Philippines' financial stability

00:37and developmental role through proposed Charter Amendments.

00:40According to Finance Secretary Raul Preto, the proposed amendments, which was recently approved

00:45and the third and final reading in both Houses of Congress, will designate the Secretary of Finance

00:50as the ex-officio chairperson of the Development Bank of the Philippines Board

00:54to ensure government participation in the bank's decision-making processes.

00:58Secretary Recto also added that the new Charter authorizes the DBP to offer up to 30% of its shares to the public,

01:05allowing the bank to raise capital to support its expanded mandate while maintaining at least 70% government ownership.

01:14Following the appointment of Vince Dizon as the new Secretary of the Department of Transportation, or DOTR,

01:19Transport Group Malibela expressed hope to reopen discussions with the government regarding the jeepney modernization program.

01:26Malibela Chairman Mar Balbuena urged Secretary Dizon to suspend the program's implementation

01:31and restore the franchises of unconsolidated jeepney operators.

01:35The Transport Group leader emphasized the need to review guidelines on financing and vehicle models

01:41and advocating for the retention of traditional jeepneys over imported minibuses from China.

01:46Balbuena also cited the experiences of certain transport cooperatives and corporations,

01:51noting many cooperatives have gone bankrupt with numerous units no longer operational due to frequent breakdowns,

01:58as proof the program should not continue the way it is being run.

02:02Rick Orense, from the National TV Network, for a new and better Philippines.

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