Property developer Pueblo de Oro Development Corp. (PDO) secured P1.25 billion in loan financing from two banks.
PDO said in a statement it signed 7-year term loan agreements worth P500 million each with the Philippine Bank of Communications (PBCOM) and the Bank of the Philippine Islands (BPI). BPI also provided a P250-million short-term working capital line.
Investment & Capital Corporation of the Philippines (ICCP), one of the Philippines’ leading independent licensed investment houses, helped arrange the deal.
PDO is the residential development arm of the diversified conglomerate ICCP Group. It said it would use the proceeds from the loan facilities to finance the expansion of key projects, including township and residential developments in Cagayan de Oro, the Pueblo de Oro Townscapes Malvar, Pueblo de Oro Courtyards Lipa in Batangas and subdivisions in Pueblo de Oro Pampanga.
“ICCP is proud to support Pueblo de Oro on its mission to develop climate-adapted townships,” said Valentino Bagatsing, chairman and chief executive officer of ICCP.
