THE DEVELOPMENT Bank of the Philippines (DBP) granted an initial P1.106-billion loan to Pueblo de Panay, Inc. (PDPI) for the development of multiple property projects in Roxas City, Capiz.
“Through this partnership, DBP aims to hasten progress in the housing sector, stimulate job creation, and foster economic growth in one of the fastest-growing cities in the Philippines,” DBP President and Chief Executive Officer Michael O. de Jesus said in a statement on Thursday.
The property projects in PDPI’s 670-hectare mixed-used township development are the first and largest of their kind in the region, DBP said.
“This partnership further reflects DBP and PDPI’s shared vision of driving progress and building vibrant and sustainable communities throughout the country,” Mr. De Jesus said.
DBP is financing PDPI’s construction of a seven-storey business process outsourcing (BPO) facility and a six-storey condominium building in Roxas City.
“As the country’s premier infrastructure bank, DBP will remain relentless in finding best-fit financing solutions for the development of projects that will accelerate sustainable economic growth and ensure the continued well-being of the Filipino people,” Mr. De Jesus said.
DBP previously funded the construction of four- and five-storey condominium buildings in Pueblo de Panay under the bank’s Building Affordable Homes Accessible to Every Filipino or BAHAY program.
The state-run lender saw its net income rise by 17% to P1.23 billion in the first quarter from P1.05 billion in the same period a year ago.
DBP’s first-quarter profit was also 50% higher than its P820-million target for the period.
According to data from the Bangko Sentral ng Pilipinas, DBP is the eighth largest bank in terms of assets at P985.74 billion.
Its mandate is to provide credit support to the infrastructure and logistics; micro, small and medium enterprises; environment; and social services and community development sectors. — Aaron Michael C. Sy
