MANILA, Philippines—Property developer Megaworld Corp. said it had signed a P5-billion financing deal with Banco de Oro Unibank Inc. that will give home buyers an option to tap the bank for financing to pay the balance of projects about to be turned over to them.

Megaworld said the financing agreement was a landmark deal for both parties and was the biggest of its kind in the industry to date.

Megaworld executive director Kingson Sian said in a phone interview that under the deal, Megaworld could refer home buyers to Banco de Oro before the turnover of units, to give them financing options for the balance of the prices of the purchased units.

The deal also allows Megaworld to sell its receivables or collectibles from home buyers to Banco de Oro.

The program aims to effectively unlock liquidity for Megaworld and allow it to fast-track its residential projects.

Megaworld is projecting reservation sales from all its projects to reach P24 billion at yearend. Edited by INQUIRER.net