State-owned Development Bank of the Philippines (DBP) has granted an initial P1.106-billion funding support to a Capiz-based real estate developer for the expansion and improvement of their master-planned development venture in Western Visayas, a top official said.
DBP President and Chief Executive Officer Michael O. de Jesus said the credit assistance of the Bank to Pueblo de Panay, Inc. (PDPI) will finance the construction and improvement of various projects within the 670-hectare mixed-use township development in Roxas City, which is touted to be the first and largest of its kind in the region.
“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. “This partnership further reflects DBP and PDPI’s shared vision of driving progress and building vibrant and sustainable communities throughout the country.”
DBP is the eighth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.
PDPI, led by businessman Jose Nery “Bub” Ong, has more than three decades of experience in real estate and property development and a proven track record in building real estate products that cater to all market segments. Its latest project features a seamless integration of residential, commercial, medical, educational, and light-agro-industrial zones, making it a viable investment destination.
De Jesus said DBP previously funded the construction of fully-sold out four and five-storey condominium buildings within Pueblo de Panay township, which is an integral part of the Bank’s intensified efforts to broaden support to social services and community development under its flagship “Building Affordable Homes Accessible to Every Filipino” or BAHAY Program.
He said the Bank’s financing assistance to PDPI now includes the construction of a seven-storey business process outsourcing facility and a six-storey condominium building the third of its kind in the township and Northern Panay both expected to reinforce Roxas City’s position as the leading hub for sustainable growth and development in the Western Visayas region.
“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,” de Jesus said.