Finance Secretary Carlos Dominguez III asked state-run Development Bank of the Philippines to focus on improving wholesale banking services and help finance big-ticket infrastructure projects, especially with the full implementation of the Real Estate Investment Trust Law.
Dominguez in a meeting advised DBP officials to take advantage of the REIT Law by either providing bridge financing for REIT-funded projects or for the bank itself to venture into a REIT as it owns several real estate assets.
Dominguez said that DBP, as an infrastructure bank providing bridge financing for large projects, was not expected “to be lending to anything that’s worth less than P100 million in capital.”
“I want you to be big experts in dealing with big construction companies, in dealing with large road toll projects. That should be your expertise,” Dominguez told DBP president and chief executive Emmanuel Herbosa and strategic planning group head Edgar Richard Trono.
“With the REIT Law in place, we have expanded your market. More capital is coming in to people who know how to use it,” he said.