State-owned Development Bank of the Philippines granted an initial P1.106-billion loan to a Capiz-based real estate developer for the expansion and improvement of a master-planned development venture in Western Visayas, a top executive said Thursday.
DBP president and chief executive Michael de Jesus said the credit assistance to Pueblo de Panay Inc. would finance the construction and improvement of various projects within the 670-hectare mixed-used township 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 said.
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.
