Pueblo De Oro Development Corporation (PDO), the residential development arm of the ICCP Group, has signed a P500-million term loan agreement with the Development Bank of the Philippines (DBP).
The loan proceeds would be utilized to build more residential projects within the company’s project sites in Cagayan de Oro, Cebu, Pampanga, and Batangas. The loan was arranged by Investment & Capital Corporation of the Philippines (ICCP).
PDO chairman and CEO and ICCP group chairman Guillermo D. Luchangco bared planning the construction of more socialized and economic housing developments congruent with the goal of DBP and aligned with the government goal of addressing the 6.5 million housing backlog of the country.
The company expects these new housing developments will produce a positive impact in the communities in which they will be located.
“I believe that these housing developments, especially in the countryside and coming off three pandemic-stricken years, is one of the keys to helping our economy recover and rebound,” said PDO president and chief operating officer Prim B. Nolido.
The loan is the third transaction of Pueblo de Oro with the state lender which started with a P100-million facility in 2015.
In 2018, DBP granted a P500-million loan to the company to develop the Familia Apartments, a pioneering vertical socialized housing development in Mindanao. The project involved the construction of 1,004 residential housing units spread across 11 mid-rise buildings within the 400-hectare Pueblo de Oro township in Cagayan de Oro City.
In photo are, from left, DBP senior vice president Ma. Lourdes B. Gumba, PDO president & COO Prim B. Nolido, DBP president & CEO Michael O. De Jesus, DBP chairman Dante O. Tinga, PDO chairman & CEO and ICCP Group chairman Guillermo D. Luchangco, ICCP president & CEO Valentino S. Bagatsing, and DBP vice president Raquel C. Atienza.
