MANILA -Development Bank of the Philippines (DBP) has extended a loan of P1.1 billion to a Capiz-based real estate developer as part of efforts to help spur economic development in the regions.
The loan is intended to help Pueblo de Panay Inc. (PDPI) build and improve various projects at a 670-hectare (ha) township development in Roxas City.
Michael de Jesus, president and chief executive of DBP, said in a statement PDPI’s venture was the first and largest of its kind in Western Visayas.
“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,” de Jesus said.
The DBP CEO noted PDPI has more than three decades of experience in real estate and property development catering to all market segments. PDPI’s township project features a seamless integration of residential, commercial, medical, educational and light agroindustrial zones.
This is not the first time that DBP is supporting PDPI as the bank previously funded the construction of four- and five-story condominium buildings, all now fully sold out, within the Pueblo de Panay township.
De Jesus said the latest funding would be used for the construction of a seven-story business process outsourcing facility and a six-story condominium building, both of which were expected to reinforce Roxas City’s position as a hub for sustainable growth and development in Western Visayas.
The loan is part of DBP’s “Building Affordable Homes Accessible to Every Filipino” or Bahay Program. INQ