The state-owned Development Bank of the Philippines extended an P815-million term loan to a mass housing developer for the construction of three residential buildings in Bulacan province.
In a statement Thursday, August 28, DBP President and Chief Executive Officer Michael de Jesus said the funding assistance to the Bright Homes & Realty Corporation was approved under its Credit Facility for the 4PH Program (BAHAY-4PH) specifically designed to mobilize resources for the Bagong Pilipinas – Pambansang Pabahay para sa Pilipino (4PH) Program of the Marcos administration.
Bright Homes & Realty Corporation is a 30-year-old housing firm and specializes in affordable mass housing development, the DBP said in a statement on August 28.
Its proposed three residential buildings will rise in Sta. Maria, Bulacan, and benefit around 900 individuals, primarily from the low and middle-income classes.
“DBP’s funding support is consistent with its thrust of promoting social services and community development, as well as to realize the vision of President Ferdinand Marcos Jr. of providing decent and affordable housing for our countrymen, especially those with limited financial resources,” De Jesus said.
The DBP BAHAY-4PH program has been designed to provide financing to local government units (LGUs), housing developers and contractors participating as project proponents in the 4PH program.
“DBP will be more aggressive in seeking partners for the BAHAY-4PH program, especially private developers and LGUs, and help expedite the creation of more sustainable and inclusive communities across the country,” he said.
De Jesus said DBP has been working to release P50 billion in loans under the program by the end of 2030. (PNA)
