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TEHRAN,
Iran—Development
Bank of the Philippines (DBP) president and chief
executive officer Reynaldo David has been named
Outstanding CEO of the Year by the Association of
Development Financing Institutions in
Asia and the
Pacific (Adfiap) in recognition of his dynamic
leadership and performance in the state-owned bank.
The
award was given during ceremonies held here Wednesday at
the Esteghial Grand Hotel.
David
was especially cited for leading DBP in the delicate
balancing act of accomplishing its development mandate
while boosting its financial strength to record levels
as it achieved a net income of $95 million and $105
million in 2006 and 2007, respectively.
DBP also
contributes one of the biggest shares in dividends to
the government by state financial institutions.
“I am
indeed blessed in having a career long enough to face
the challenges and receive the joy of being with DBP. As
one of two major policy banks in the country, the Holy
Grail of our business is, of course, development
banking, rather than commercial banking. In this regard,
we’re always conscious of ensuring that the projects we
undertake leave a real mark on our people, our
surroundings, the environment and on history,” David
said in his acceptance message.
Under
David’s stewardship, DBP was ranked among the Top 1000
commercial banks worldwide by The Banker magazine. 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 is
also credited for DBP’s success in other various
development undertakings. These include the bank’s
participation as financial advisor for the privatization
of geothermal power producer PNOC-Energy Development
Corp.; and its successful 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 as per Central Bank requirement.
DBP also
participated in the $380-million Magat Hydropower
Project Financing, the first power-sector privatization
to be successfully concluded with significant foreign
participation.
Hailed
for reinvigorating foreign investor interest in the
country’s power privatization program and supporting
capacity expansion for an environment-friendly energy
source, the project was conferred the PFI Power Deal of
the Year Award for Asia Pacific by PFI magazine. It was
also cited Best Project Finance/Best Privatization
in The Asset-Triple A House and Deal Awards 2007 by The
Asset magazine.
To
further sustain DBP’s strategic thrust of intensifying
assistance to microenterprises, David spearheaded
a re-focusing of the Bank’s microfinance
program toward advocacy and institutional
building, particularly to 33 identified unserved areas
in Southern Philippines.
DBP was
also the first bank to respond to the plight of
exporters and overseas Filipino workers amid the
strengthening of the peso through its hedging program.
It also initiated an Endowment for Education program
that will provide free college education to 150
disadvantaged yet promising high school graduates
yearly for 10 years.
David
joined DBP in October 2004 after years of active
involvement with various local and foreign banking
institutions. He is a respected name in the Philippine
banking industry, and was a recipient of the Ten
Outstanding Young Men award for offshore banking in
1977. He was also named among the Philippines’ most
powerful and influential Filipinos in 2006 and 2007 by
BizNews Asia magazine.
Adfiap
is an organization of development banks and other
financial institutions engaged in the financing of
development in the Asia-Pacific region. The annual
Adfiap Development Awards recognize and honor
member-banks that have undertaken or assisted projects
that have created a development impact in their
respective countries by implementing or enhancing
outstanding and innovative development projects. |
