DBP approves P2B for development of housing units

THE DEVELOPMENT Bank of the Philippines (DBP) has approved a P2-billion loan for the construction of new housing units catering to low-cost and mid-tier markets.

The state-run lender will provide bridge financing to local developer PH1 World Landscapes, Inc. for the construction of 8,360 housing units under the Pambansang Pabahay Para sa Pilipino Housing (4PH) program as part of government efforts to address the housing backlog in the country, it said in a press release.

“This collaboration is seen to contribute to the fulfillment of the National Government’s goals of constructing affordable housing units that would unite families, strengthen communities, and generate livelihood opportunities for our countrymen,” DBP President and Chief Executive Officer Michael O. de Jesus said.

The loan will hasten completion of the housing developer’s projects in Caloocan City, and in the cities of Imus and Bacoor in Cavite.

These are expected to generate additional employment opportunities for over 1,000 people.

As of Jan. 31, DBP has approved P1.31 billion worth of assistance to two local government units and one developer under its BAHAY-4PH Program.

“DBP’s support for these projects is deeply aligned with its core development thrusts and it will continue to explore avenues to support the Marcos administration in its noble objective to make homeownership more accessible to low-income households,” Mr. de Jesus said. — Aaron Michael C. Sy