De Jesus drives DBP’s dynamic growth strategy.
The Development Bank of the Philippines (“DBP”) is a government bank established in 1947 with a mandate to drive national industrial growth. Unlike commercial banks, DBP operates with a developmental focus, driving national progress through financial solutions that enable sustainable growth and promote financial inclusion.
Michael O. de Jesus, President and Chief Executive Officer of DBP, brings over 37 years of experience in the financial industry. His professional journey is complemented by a rich personal background that shapes his leadership approach. Born in New York, USA, and raised in Manila, de Jesus attributes his strong values and work ethic to his parents. His father, a surgeon and professor at the University of the Philippines, instilled in him a deep respect for education and a commitment to service.
He pursued his foundational studies at Ateneo de Manila University and later completed his college education in the United States. After graduating, de Jesus began his career at Citibank Manila, where he was quickly identified as a high-potential talent. He earned his Master’s in Business Administration (“MBA”) at the Wharton School of the University of Pennsylvania, refining his financial management skills and building a strong foundation for leadership. After completing his MBA, he worked at Citibank New York, gaining valuable corporate banking experience and establishing a network of enduring professional relationships. His international exposure and academic background enabled him to excel in the banking sector, holding senior positions at several leading banks in the Philippines before joining DBP.
His extensive banking experience, both locally and internationally, has given him a unique perspective on how to manage varying banking transactions and navigate complex challenges. De Jesus’s strong people skills, a result of his diverse professional experiences, enabled him to build lasting relationships with stakeholders and inspire his teams to strive for excellence.
De Jesus’s leadership at DBP is defined by his steadfast commitment to promoting transparency, ethical governance, and a focus on sustainability. Since assuming his role, he has led the bank through a series of high-impact initiatives aimed at enhancing its capacity to finance projects that are vital to national development. Under his direction, DBP has expanded its support for infrastructure financing aligned with the President of the Republic’s 10-point agenda for economic development renewal and long-term growth such as infrastructure development and energy security.
Under de Jesus’s leadership, DBP has significantly expanded its green finance initiatives. Through its Assistance for Economic and Social Development (ASENSO) for Local Government Units Financing Program, the state-owned bank granted a PHP4-billion credit facility to the city government of Cabuyao in Laguna to support critical public infrastructure projects using renewable sources. The program aims to enhance essential services in the areas of education, public health, access and mobility, disaster mitigation, and public security. This multifaceted approach ensures that the city’s development is comprehensive and inclusive, touching on key aspects of urban living.
Taking pride in its long and proven track record of funding high-impact projects like the Tarlac-Pangasinan-La Union Expressway, Cebu City-Cordova Toll Bridge, and the Mactan Cebu International Airport expansion, DBP remained true to its developmental mission by allocating PHP 2 billion loan to the Provincial Government of Palawan to support vital public infrastructure projects including the upgrade of the province’s road network and to beef up its disaster risk reduction initiatives.
The Bank has also been recently recognized by an international body of development financing institutions for its pioneering financial facility that focuses on the development and growth of the renewable energy sector. The Bank’s Solar Merchant Power Plant (SMPP) financing program supports utility-scale solar power developers and bolsters overall investment in renewable energy projects. It is the first in the industry, providing funding to solar power developers intending to sell electricity through the wholesale Electricity Spot Market for eligible projects such as construction and expansion of infrastructure facilities and acquisition of machinery and equipment. The program aims to meaningfully contribute toward the attainment of National Government’s goal of generating 15,304 megawatts of power from renewable energy sources by year 2030 under the flagship National Renewable Energy Program
DBP has also made significant strides in promoting financial inclusion and social development. De Jesus has led the bank in supporting the government’s Pambansang Pabahay Para sa Pilipino (4PH) program, which addresses the housing needs of Filipinos by providing financing to local government units, housing developers, and contractors for the construction of affordable housing units. Through this program, DBP facilitates inclusive growth and improves the quality of life for low-income families.
Additionally, DBP’s Resources for Inclusive and Sustainable Education (RISE) program, which offers scholarships to financially disadvantaged students, has been sustained under de Jesus’s leadership. DBP has also been actively partnered with the Department of Education for its Adopt a School Program, which aims to improve the quality of education in the country by addressing the shortage of resources in public schools. These initiatives align with his personal values of giving back to the community and investing in future generations. De Jesus’s emphasis on corporate social responsibility (CSR) initiatives highlights his belief that development finance should extend beyond profitability to encompass broader social impact.
In 2023, DBP received the Corporate Governance Scorecard (CGS) Hallof Fame award from the Governance Commission for GOCCs (GCG) for consistently ranking in the top ten of the CGS ratings since 2017. It was also awarded by the GCG for being Top 4 in the corporate Governance Scorecard for 2022 with a high score of 100. This recognition from the government’s chief corporate regulator attests to DBP’s continued adherence to best practice in corporate governance, which enabled it to remain a relevant and model government financial institution.
A significant milestone during de Jesus’s tenure is the recent approval of a new charter for DBP by the Senate of the Philippines. This charter increases the bank’s authorized capital stock from PHP 35 billion to PHP 300 billion, enabling DBP to provide greater financial support to its priority sectors, including social infrastructure and micro, small, and medium enterprises (MSMEs). This expansion strengthens DBP’s financial capacity and reaffirms its role as a key player in supporting the government’s development agenda.
Michael de Jesus has positioned DBP as a resilient institution that balances developmental priorities with profitability, effectively supporting economic growth and social responsibility. His leadership has elevated DBP’s stature, making it a trusted government partner and a leading force in the region’s banking industry. With a strategic focus on sustainability and financial inclusion, de Jesus has guided DBP to achieve its mission as a catalyst for positive change, fostering sustainable development and enhancing the quality of life for Filipinos.
