In three weeks’ time, people from six northern towns will be able to open accounts at the Branch Lite Unit that the Development Bank of the Philippines (DBP) blessed last week at the Viga municipal building.
Senior Vice President Carolyn I. Olfindo, acting head of the DBP Branch Banking Sector, told local media last Dec. 18, 2025 that the branch will formally accept applications for new accounts for just P100 initial deposit as well as service deposits and withdrawals beginning Jan. 15, 2026.
The BLU can also release salary loans so borrowers no longer need to go to the capital town to receive the proceeds.
She expressed hope that the forthcoming operation of the branch will teach Catandunganons to save and instill a culture of saving among local residents, pointing out that the P100 initial deposit for an ATM account is very affordable compared to the minimum P5,000 required by private commercial banks.
“We are very proud to be located at the iconic municipal building of Viga which DBP financed and help build through a loan to the local government unit,” she said.
She noted that Virac, where the main branch is based, is very far from Viga and so if the bank can bring its services here, many people would benefit and transact business with DBP.
SVP Olfindo expressed the bank’s gratitude to Viga LGU for allowing it to lease space at the municipal building.
She shared that it was not her personal mission to establish the DBP branch in the town because when she visited her husband’s family in neighboring Panganiban in 2022, she noticed the on-going construction of the building in Viga.
When she learned that DBP had financed the loan for the new edifice, Olfindo saw this as a chance to open a branch lite unit to serve the people in the northern towns.
A universal bank, DBP is the 10th largest bank in the country in terms of assets and provides credit support to four priority sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
“It is also big on developmental loans sought by mostly LGUs which cannot be serviced by rural banks,” Olfindo stated.
She bared that one mayor had inquired about the possibility of securing a loan for the purchase of heavy equipment needed to clear landslides particularly after typhoons, as it is difficult to seek the assistance of the Department of Public Works and Highways (DPWH) right away.
The state-owned bank also offers SME loans for small and medium entrepreneurs, giving them access to credit through the bank’s Development Lending Sector in Legazpi City.
Developmental and SME loans are released progressively as the bank wants to make sure it is utilized for its intended purpose, Olfindo emphasized.
On the possibility of expanding the branch lite unit into a full branch, she said a lot of resources would be needed to realize this considering that an entire complement of staff would have to be deployed.
Under the set-up, there will be no bank office at the Viga DBP Branch Lite Unit, as the accounting and reconciliation will be done at the Virac branch.
DBP also donated a total of P1 million to various LGUs of Catanduanes as part of the bank’s effort in rehabilitating the province from the devastation brought by super typhoon Uwan.
All but one of the 11 municipalities received the cash assistance: Catanduanes PLGU, P200,000; Panganiban, P50,000; Viga, P100,000; Bagamanoc, P100,000; San Miguel, P50,000; Gigmoto, P100,000; Bato, P50,000; Caramoran, P100,000; Baras, P50,000; Virac, P100,000; and Pandan, P100,000.
The 10 towns all maintain accounts with DBP Virac Branch.