Science Park, Pueblo de Oro secure funding from Security Bank

(From left) Security Bank EVP Wholesale Banking Segment John Cary Ong; Security Bank director Maria Cristina Tingson; Security Bank president and CEO Sanjiv Vohra; Security Bank chairman Atty. Cirilo Noel; ICCP Group chairman Guillermo Luchangco; Science Park of the Philippines president and CEO Richard Osmond; ICCP chairman and CEO Valentino Bagatsing; Science Park of the Philippines treasurer Bethilda Castillo. —CONTRIBUTED

Security Bank Corp. granted a P2.56-billion credit support for industrial park developer, Science Park of the Philippines Inc. (SPPI), and P960 million for residential and mixed-use property developer, Pueblo de Oro Development Corp. (PDO).

Loan proceeds will be used to fund the new and expansion projects of SPPI and PDO, both member companies of the ICCP Group. The loan agreement signifies the start of a strong partnership between Security Bank and the ICCP Group of Companies built upon common values and goals.

The credit facilities were arranged by Investment and Capital Corp. of the Philippines (ICCP), one of the country’s leading independent investment houses.

SPPI is highly regarded as one of the pioneers and leaders in private industrial estate development in the country, with nearly 1,500 hectares of industrial estates developed and under development.

SPPI’s industrial parks are strategically located in Laguna, Batangas, and Bataan. Upcoming industrial estate locations include the town of San Jose in Batangas and Tarlac City. SPPI is also partnering with the Bases Conversion and Development Authority (BCDA) to develop a 100-ha industrial park in New Clark City, Tarlac.

Pueblo de Oro meanwhile continues to develop masterplanned and best-in-class residential, mixed-use projects in urbanized locations and emerging growth hubs such as Batangas, Pampanga and Lapu-Lapu City.

PDO’s 400-ha flagship township in Cagayan de Oro (CDO) remains committed to developing award-winning sustainable projects with two major developments set to launch in the next two years. Among PDO’s new project locations are Lipa City; Ibaan in Batangas; and Carcar in Cebu.

“ICCP is proud to support Pueblo de Oro and SPPI in furthering their respective missions of responsible, climate-adapted township and industrial estate developments,” said Valentino S. Bagatsing, chairman and CEO of ICCP.

“I take this opportunity to thank both the ICCP Group and Security Bank in making this partnership a reality,” said Security Bank chairman Atty. Cirilo Noel. “The bank wanted to be associated with an institution that has the credibility, integrity, and excellence. I wish this partnership would be a long-standing partnership that will be for both our success and benefit, and also really to create economic value to our shareholders, to our community, and also to the country.”

For his part, ICCP Group chairman Guillermo Luchangco expressed his gratitude for the Security Bank support as SPPI and PDO embark on their expansion in the industrial estate and residential and mixed-use property development businesses.

“In our group, we emphasize integrity, ethics, and quality. These are the three pillars that we are known for, and Security Bank is a perfect banking partner for us,” he said.