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 of DBP shared.
Photo shows DBP President and CEO Michael O. de Jesus (7th from left) together with Roxas City Mayor Ronnie Dadivas and Roxas City Vice Mayor Teresita Almalbis (6th and 5th from left, respectively) during the public launching of the Pueblo de Panay BPO Building II. Joining them were (from left:) DBP First Vice President Rosemarie Callanta, DBP Vice President Marissa P. Aniño, PDPI Consultant Geocel Olanday, PDPI Chief Finance Officer Corazon Cruz, PDPI President & CEO Jose Nery D. Ong, PDPI Director Mary Daphnie D. Ong, PDPI Director Victoria O. Banzon, Joseph Bilangbilin of RT&Co, DBP Senior Assistant Vice President Jessica Juanico, and DBP Assistant Vice President Gina Taay.
Michael O. de Jesus, President and CEO of DBP, said in a press release that 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-used 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,” he adds.
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 (MSMEs); 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-story 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-story business process outsourcing facility and a six-story 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.