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DBP extends P900-M loan to Cebu developer

Business | Banking & Finance

DBP extends P900-M loan to Cebu developer

By Lee C. Chipongian

Government-owned Development Bank of the Philippines (DBP) has released a P900-million loan to Cebu-based developer Johndorf Ventures Corporation (JVC) for the construction of 39,000 housing units by 2025.

DBP President and Chief Executive Officer Michael O. de Jesus said Thursday, Aug. 24, that the JVC funding support is part of its Building Affordable Homes Accessible to Every Filipino (BAHAY) Program.

“We are pleased to formalize this partnership to help boost the country’s housing sector,” de Jesus said. “This also serves as a testament to DBP’s goal of making inclusive, safe, resilient, and sustainable cities and human settlements through responsive financing,” he added.

The BAHAY initiative is aimed at improving public housing and to narrow the country’s housing backlog, said de Jesus. He also said the project and the loan will support the government’s Pambansang Pabahay para sa Pilipino Housing Program.

“DBP looks forward to forging more partnerships that will help address the gaps in mass housing by providing short and long-term financing,” he added.

De Jesus said DBP, the eighth biggest bank in the Philippines, will provide JVC with credit assistance for its working capital for inventory build-up and construction of socialized, economic, and low-cost housing units.

DBP has P50 billion in available funding for its BAHAY program which will run until 2030.

“We are confident that through this lending program, DBP will able to further contribute towards the goal of building a sustainable and livable environment for the Filipino people,” de Jesus said.

Upcoming projects include mass and mid-cost housing projects, horizontal and vertical developments, and various shelter types including houses and lots, duplexes, row houses, and condominiums, said DBP.

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