1997 to 1999 INSTITUTIONAL ACHIEVEMENTS

As a result of its sustained world-class development banking operations, the DBP continued to garner several prestigious awards and citations.

Named one of the Best Performing Government Securities Eligible Dealers for the period April 1, 1997 to March 31, 1998 by the Bureau of the Treasury. The honor was bestowed in recognition of DBP's active participation in the auction of government securities and significant market making capabilities resulting in the deepening of the domestic market for government securities.

Most Outstanding Development Finance program – Asian Banking Awards 1998, for DBP's Asian Yen Bond Flotation Project.

Best Samurai Bond (1997 Achievement Awards) awarded by Finance Asia Magazine for the successful flotation of the inaugural 20 billion ($169 million) Asian Yen Bond DBP issued with Daiwa Securities. The proceeds of the offering, the first issue of the Philippine Offshore Market, were channeled for relending primarily tot he Home Development Mutual Fund (Pag-IBIG) to help meet the country's housing backlog.

"D+" Bank Financial Strength Rating (BFSR) from Moody's Investors Service which was assigned for the first time to four development banks in Asia – two of them in the Philippines. It measures DBP's "intrinsic safety and soundness on a strict legal entity basis."

1997 Most Outstanding Accounting Office Award given by the Association of Government Accountants of the Philippines (AGAP) to DBP's Accounting Department for the second time. DBP-ACD was also a 1995 recipient and was one of only three awardees under the Corporate Category.

"BBBpi" rating from Standard and Poor's (S&P). DBP retained this triple "Bpi" rating for the fourth time, making DBP still the highest rating Philippine bank for the second semester of 1999. The DBP remains to be the only Philippine bank with a triple "Bpi" rating which is based on an analysis of an issuer's focus on an institution's ability and willingness to repay local currency obligations.

1999 Asian Banking Award - Environmental Program Category. This is DBP's 4th Asian Banking Award, which include two in 1998 - Outstanding Development Finance Program and Outstanding Fund Sourcing Program; and one in 1997 - Outstanding Progress in Local Development Finance. This award was presented by DHL Worldwide Express in partnership with the Asian Bankers Association (ABA) and the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP), for subsectors and authorities to work together for environmental protection and enhancement. The Bank was among only three Philippine banks that won in this year's regional competition.

Most Outstanding Countryside Partner Award from the Land Bank of the Philippines. The award was given to DBP for the fourth consecutive year for its invaluable contribution to the development of the countryside under the Countryside Loan Fund (CLF) I and II programs (commercial bank/GFI category).

Kabalikat Award from the Guarantee Fund for Small and Medium Enterprises (GFSME). DBP won this award for its contribution to the growth of small and medium enterprises in the country as a steadfast GFSME partner over the past 15 years. This is the seventh award for DBP since 1992 in the 12-year history of the GFSME Bank Excellence Awards.

Special Award - Best Participating Financial Institution in Social Development Loans. This award was given by the Social Security System in recognition of DBP's invaluable contribution and exemplary service as its partner in the implementation of its programs to improve the quality of service to SSS members. This is DBP's sixth SSS award and the fourth under the social development loan programs.