DBP OKs P815-M mass housing loan – BusinessWorld Online
THE DEVELOPMENT BANK of the Philippines (DBP) has approved an P815-million term loan to a mass housing developer for the construction of three residential buildings in Bulacan.
“DBP’s funding support is consistent with its thrust of promoting social services and community development, as well as to realize the vision of President Ferdinand Marcos, Jr. of providing decent and affordable housing for our countrymen, especially those with limited financial resources,” DBP President and Chief Executive Officer Michael O. de Jesus said in a statement on Thursday.
The loan to Bright Homes & Realty Corp. was extended under its credit facility for the 4PH Program (BAHAY-4PH).
“Bright Homes & Realty Corporation is a 30-year-old housing firm and specializes in affordable mass housing development. Its proposed three residential buildings will rise in Sta. Maria, Bulacan and benefit around 900 individuals, primarily from the low and middle-income classes,” DBP said.
Mr. De Jesus said the DBP aims to build one million housing units annually until 2028 through collaborations with relevant housing sector stakeholders.
The state-run lender is also targeting to release P50 billion in loans under the program by the end of 2030.
“DBP will be more aggressive in seeking partners for the BAHAY-4PH program, especially private developers and LGUs, and help expedite the creation of more sustainable and inclusive communities across the country,” he said.
DBP’s net income stood at P2.53 billion as of end-June, down by 33.27% from the same period last year, its financial statement posted on its website showed. — Aaron Michael C. Sy