State-owned Development Bank of the Philippines (DBP) has granted P900-million funding support to a Cebu-based real estate developer as part of efforts to boost the construction of public housing to address the country’s widening housing backlog, a top official said.
DBP President and Chief Executive Officer Michael O. de Jesus said the Bank’s support to Johndorf Ventures Corporation (JVC), which is made under its Building Affordable Homes Accessible to Every Filipino (BAHAY) Program is expected to bolster the firm’s drive to build 39,000 housing units by 2025.
“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.”
DBP is the eighth 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.
JVC is a wholly Filipino-owned real estate developer operating in key cities in the Visayas and Mindanao regions and set to launch commercial-residential estates in Cebu, Davao, and Cagayan de Oro.
De Jesus said DBP would be providing JVC with the necessary credit assistance including working capital requirements for inventory build-up and construction of socialized, economic, and low-cost housing units.
He said this developmental initiative forms part of the Bank’s collective effort to support the National Government’s Pambansang Pabahay para sa Pilipino Housing Program, adding that “…DBP looks forward to forging more partnerships that will help address the gaps in mass housing by providing short and long-term financing.”
De Jesus said DBP is targeting the release of a total of P50-billion in loans until the end of the BAHAY program in 2030 for projects such as mass and mid-cost housing projects, horizontal and vertical developments, and various shelter types including houses and lots, duplexes, row houses, and condominiums.
“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.