DBP OKays P2-B loan for affordable housing
Development Bank of the Philippines (DBP) has approved a P2-billion loan to finance the construction of low-cost and mid-tier housing units under the government’s flagship housing program.
In a statement, the state-run bank said that the loan will be extended to the real estate arms of the Megawide Group, PH1 World Landscapes Inc.
The local developer is among the partners of the Department of Human Settlements and Urban Development. Currently, it has ongoing housing projects in Metro Manila, Bulacan and Cavite.
A total of 8,360 housing units will be built in Caloocan City, Imus City and Bacoor City under the Pambansang Pabahay Para sa Pilipino Housing (4PH)
Construction works are likewise expected to generate employment for 1,000 people.
“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 CEO Michael de Jesus said.
“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,” he added.
As of end-January, the state lender has already given out P1.31 billion in financing to two local government units, housing developers and contractors involved in the 4PH program.
DBP’s mandate as a development financial institution is to support projects related to infrastructure and logistics, micro, smal and medium enterprises, the environment and social services and community development, backed by its P1.041-trillion in assets.
The 4PH program, meanwhile, is geared toward affordable, high density and vertical development on government and private lands to bridge the country’s 6.5 million housing gap.
4PH is aimed at the urban poor, informal settler families, informal sectors, minimum wage earners, government employees, overseas Filipino workers and public utility vehicle drivers or operators.
