ORMOC CITY – A PHP300,000,000.00 loan agreement was recently sealed between the Development Bank of the Philippines (DBP) and LGU-Ormoc for a housing project in this city.

The said agreement was signed by Ormoc City Mayor Lucy Torres-Gomez and DBP Tacloban Lending Center Head Atty. Janet L. Dacillo, together with a representative from the Department of Human Settlements and Urban Development (DHSUD). Accordingly, DBP has approved said loan to finance the City Government of Ormoc’s site and land development in support of the flagship national shelter program of President Ferdinand R. Marcos, Jr. (BBM).

DBP President and Chief Executive Officer Michael O. de Jesus shared that the loan to Ormoc City will be used for the construction of two four-storey buildings with 96 housing units each, which will help qualified low-income families and those who are still living in government-owned properties.

De Jesus also said that the financing assistance is a maiden approval under the Bank’s Credit Facility for the Pambansang Pabahay Para sa Pilipino (BAHAY-4PH) program, a new lending program outlined that suits the priority housing initiative of the current administration.

De Jesus added that DBP’s support for developing communities like Ormoc would act as a stimulant for the accomplishment of the Marcos administration’s main objective, which is to eradicate poverty, give eligible recipients adequate, inexpensive homes, and eventually reduce the number of informal settlers to zero by 2028.

BAHAY-4PH is a sub-program of DBP, Building Affordable Homes Accessible to Every Filipino (BAHAY), that is intended as the bank’s primary credit facility for the housing sector. Its purpose is to fund the site development, construction of housing units, and land acquisition of local government units, contractors, joint venture entities, and developers participating as project proponents in the 4PH program.

In terms of assets, DBP is accordingly the tenth-largest bank in the country, which dispenses credit support to four priority sectors of the economy: infrastructure and logistics; micro, small, and medium enterprises (MSMEs); the environment; and social services and community development. By Gwen Maurillo (EV Mail June 24-30, 2024 issue)