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Manila Bulletin devider Business devider Trade & Industry devider DBP funds P1.1 B township project

DBP funds P1.1 B township project

Published Jul 13, 2023 04:40 am
The Development Bank of the Philippines (DBP) has granted an initial P1.106-billion funding support to a Capiz-based real estate developer expanding a master-planned development in Western Visayas. The state-owned bank's loan to Pueblo de Panay Inc. (PDPI) will finance the construction and improvement of various projects within the 670-hectare mixed-used township development in Roxas City, the first and largest of its kind in the region, DBP President and Chief Executive Officer Michael O. de Jesus announced Thursday, July 13. “This partnership reflects DBP and PDPI’s shared vision of driving progress and building vibrant and sustainable communities throughout the country,” he noted. PDPI, led by businessman Jose Nery “Bub” Ong, has more than three decades of experience in real estate and property development. It has a proven track record in building real estate products that cater to all market segments. PDPI's latest project features a seamless integration of residential, commercial, medical, educational, and light-agro-industrial zones. DBP's financing assistance to PDPI covers the construction of a seven-storey business process outsourcing facility and a six-storey condominium building, the third of its kind in the township and Northern Panay. Both projects are meant to reinforce Roxas City’s position as the leading hub for sustainable growth and development in Western Visayas. Previously, DBP funded the construction of fully-sold out four and five-storey condominium buildings within Pueblo de Panay township. This is part of the bank’s intensified efforts to b support social services and community development under its flagship “Building Affordable Homes Accessible to Every Filipino” (BAHAY) Program. “As the country’s premier infrastructure bank, DBP will remain relentless in finding best-fit financing solutions for the development of projects that will accelerate sustainable economic growth and ensure the well-being of the Filipino people,” de Jesus concluded.
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