DBP launched five new deposit products offering attractive rates and promoting the value of saving and investing particularly during these uncertain times during ceremonies held recently at the DBP head office in Makati City.

President & CEO Reynaldo G. David said the Bank's newest deposit products appeal to a broad spectrum of the populace - the Deposito ng Bayaning Pilipino Double-Your-Money Account for overseas Filipino workers; the Young Earners Savings Account for children 12 years old and below; the Wisdom Account for senior citizens; High Earner Account for high net-worth individuals; and Payroll +Savings Account (Premier Payroll Account with Payroll Savings Plan).

"During these hard times, the need to save has never been more important. Your money is safe and more secure with a government financial institution that has 62 years of banking experience and of serving the nation. With DBP's new deposit products, depositors will surely get attractive rates," he told Bank clients during the launching activity.

Overseas Filipino workers and beneficiaries can save their money in the Deposito ng Bayaning Pilipino Double-Your-Money Account which shall double their savings in nine years. Interested depositors can open an account for a minimum of $1,000 and in multiples thereof. Payment is made at maturity, and the account can be tapped for back-to-back loans.

High-earning individuals can get higher returns with DBP's High Earner Account, a time deposit account with interest paid upon opening of the account. Minimum amount of deposit is P1,000 or $20,000.

The Payroll + Savings Account offers a lower maintaining balance for the employer, and no maintaining balance for employees. Employees enjoy no service charge for up to four ATM withdrawals per month using other banks' ATM.

The Payroll Savings Plan offers higher interest rates than regular savings accounts and can be converted into a time deposit account at the option of the depositor. An auto debit arrangement can also be effected from the Payroll Account to the Payroll Savings Plan.

COMMITTED TO GROWTH

President David likewise added that DBP's new deposit products are in line with the institution's aim to expand its thrusts and priorities this year.

"In 2009, DBP will go back to its basic banking functions of prudent lending and conservative investing. We will do more retail banking. We will do more aggressive deposit generation as a vital source of funds for lending on top of ODA funds," he said.

President David also reported that DBP was able to sustain positive earnings in 2008 when it posted a net income of P3.6 billion. DBP's capital adequacy ratio or CAR remained at a high 25.4%, which is way above industry standards.

Likewise, DBP's total capital is pegged at P34.74 billion, up from 33.03 billion in 2007. The Bank's total resources expanded by 19% from P243 billion in 2007 to P290 billion in 2008 on the back of sustained growth in deposit liabilities and capital.

President David reported that DBP's net worth stood at P34.7 billion as of the end of last year, up from P33.03 billion in 2007. The Bank's deposit level also grew by 31.7% last year to P92.98 billion.

He also said DBP is committed to growth, and that it is now in a very strong position to capitalize on domestic and international opportunities given the Bank's performance and track record of managing risks and focusing on key business thrusts.

"DBP shall put on more financial muscle, maintain a strong capital adequacy ratio, and ensure the safety of our balance sheet and earnings predictability. We need more ammunition, so to speak, to fund development programs that are sustainable, reliable, and provide continuity for the greater good. Our back-to-basics approach should keep DBP relevant in the future and sustain the momentum we have had," he explained.