The Development Bank of the Philippines (DBP), a state-owned financial institution, has approved a P300-million loan to finance the City Government of Ormoc’s site and land development. This initiative supports President Ferdinand “Bongbong” R. Marcos Jr.’s flagship national shelter program.
DBP president and chief executive officer Michael de Jesus announced that this financing assistance is the first approval under the Bank’s Credit Facility for the Pambansang Pabahay Para sa Pilipino (BAHAY-4PH) program, a new lending initiative designed to complement the Marcos Administration’s priority housing efforts.
“DBP’s partnership with Ormoc City is a timely response to President Marcos Jr.’s call to ensure that all Filipinos have access to affordable housing,” de Jesus said.
De Jesus explained that the loan to Ormoc City will finance the construction of two four-storey buildings, each with 96 housing units, benefiting qualified low-income families and those currently residing in government-owned properties.
He emphasized that DBP’s support for emerging cities like Ormoc is crucial for achieving the Marcos administration’s goals of alleviating poverty, providing decent and affordable housing to eligible beneficiaries, and ultimately reducing the number of informal settlers to zero by 2028.
“Through the BAHAY-4PH Program, DBP aims to bolster the National Government’s efforts to meet the national housing target of 6.5 million units from 2022 to 2028 and to foster inclusive, safe, resilient, and sustainable human settlements in the country,” de Jesus added.
