State-owned Development Bank of the Philippines (DBP) has signed an agreement with the Department of Education (DepEd) for the opening and maintenance of bank accounts of public schools which have yet to avail of banking services, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said that under the Memorandum of Agreement with DepEd, the bank shall act as depository for funds earmarked for school operating budget and program funds.
“We are privileged to be a part of this initiative,” Herbosa said. “DBP will continue to assist DepEd’s efforts in streamlining the financial processes in non-IUs towards stronger financial accountability and better financial management.”
DBP is the eighth largest bank in the country with assets totaling P700.9-billion as of end-September this year. It has a network of 129 branches and 11 branch lite units nationwide.
DepEd is one of the largest departments in the executive branch and oversees the operations of more than 38,600 public elementary schools and about 7,900 public high schools nationwide.
Under the agreement, heads of public elementary or secondary schools without complete sets of books of accounts may open and maintain bank accounts under the name of the school using an initial deposit of P500 with a required minimum average daily balance of the same amount.
Herbosa said DBP is one of three banks implementing the project, which is expected to benefit some 42,000 schools classified by DepEd as Non-Implementing Units (non-IUs).
“DBP welcomes this undertaking towards promoting better financial management by the education sector,” he said.
