The Development Bank of the Philippines (DBP) is a state-owned development bank headquartered in Makati, Philippines. It was established after World War II in 1947 on the government's effort through its mandate to rebuild the country's war torned infrastructure. It is the sixth-largest bank in the Philippines in terms of assets of more than P1.1-trillion as of March 2021. DBP is also the second-largest and one of the state-owned and controlled banks along with Land Bank of the Philippines (LBP), Overseas Filipino Bank (OFW Bank), and Al-Amanah Islamic Bank. It has 131 branches and 12 branch lite units as of June 2022. Background Under its charter, DBP is classified as a development bank. It is primarily tasked to provide banking services to cater to the needs of agricultural and industrial enterprises. It may also perform all other functions of a thrift bank. It focuses on four major areas of financing — infrastructure and logistics, social services, small and medium enterprises, and the environment. It also offers deposit and investment products and services, trade products and services, treasury products and services, transfer and remittance services, among others. As a GOCC (Government Operated and Controlled Corporation), DBP is required to declare and remit at least half of its annual net earnings to the National Government. History DBP's history can be traced back to the Commonwealth Era. In 1935, the National Loan and Investment Board (NLIB) was created to coordinate and manage various government trust funds such as the Postal Savings Fund and the Teacher's Retirement Fund. In 1939, the NLIB was abolished and its functions were transferred to a new body, the Agricultural and Industrial Bank (AIB). AIB continued operations until the outbreak of World War II. In 1947, the government created the Rehabilitation Finance Corporation (RFC) under R.A. No. 85 which absorbed the assets and took over the functions of the AIB. The RFC provided credit facilities for the development of agriculture, commerce and industry and the reconstruction of properties damaged by the war. In 1958, the RFC was reorganized into the modern-day DBP. The change in corporate name marked the shift from rehabilitation to broader activities. With an initial capital of P500-million, DBP set to work on expanding its facilities and operations to accelerate efforts towards promoting national economic development. The bank established a nationwide branch network and tapped local and foreign resources to complement its capital. It also borrowed