The Development Bank of the Philippines (DBP) approved a P2.5-billion loan to Innov Block Development Corporation (IBDC) to fund the ongoing construction of The Limketkai Podium – a lifestyle and commercial mall in northern Caloocan City.
Of particular interest to the state-owned bank is the fact that the mall is developing a “Tiangge” center within its premises to accommodate over 1,300 stalls for micro, small and medium enterprises (MSMEs).
“We support infrastructure projects helping MSMEs join the mainstream of major economic activity to recover from the ill-effects of the pandemic,” according to DBP President and Chief Executive Officer Emmanuel G. Herbosa.
IBDC, a real estate leasing business, is a wholly-owned subsidiary of Alfonso de Oro Corporation, which is headed by the owners of the Limketkai Group of Companies – a family-owned conglomerate in Cagayan de Oro.
Aside from boosting the level of commercial activities in the area, the three-level shopping podium project will provide livelihood opportunities in a populous area in North Caloocan where many residents belong to the middle and lower middle income class, Herbosa noted.
DBP hopes to help pivot more MSMEs towards strengthened market competence, increased productivity and improved overall competitiveness, he pointed out.
“DBP is one with the National Government in establishing an enabling environment for the continued development and sustainability of the MSME sector, the lifeblood of the domestic economy,” said Herbosa.
DBP is the fifth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.