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PIA Press Release

DBP to fund more low-cost housing projects

Manila (28 November) -- State-owned Development Bank of the Philippines (DBP) will make more funds available to socialized housing projects to help the country meet the demand for an estimated 3.75 million housing units in the next two years.

"We have particularly targeted assistance to shelter projects that will benefit the informal sector, and the segment of our society living well below the poverty threshold," DBP president and chief executive officer Reynaldo G. David announced during the annual general membership meeting of the Chamber of Real Estate and Builders Association (CREBA) last November 27, 2008 in Makati City.

David said that the bank has adopted a two-pronged approach for the housing sector -- increasing the capacity of local government units to deliver housing services, and tapping microfinance institutions to deliver services to the informal sector which needs the most support.

He added that DBP's social housing program, the Development of Poor Urban Communities Sector Project (DPUCSP), offers loans of up to P300,000.

Funded by the Asian Development Bank, the DPUCSP aims to provide decent and affordable shelter to marginalized sectors of society.

"The bank, through DPUCSP, seeks to deliver shelter services to the largely unserved informal sector. The operative word is "facilitating access" and promoting an inclusive shelter-related financing program for the informal sector. This signals to the business community that investments for shelter to the informal sector can be a viable and socially-responsive investment project," David explained.

David also reported that the Bank's exposure to socialized and low-cost housing had risen to P5.1 billion as of the end of the third quarter of 2008, while lending P13.9 billion in commercial real estate loans to land developers, construction companies, and other borrowers.

David further emphasized DBP's commitment to partner with as many groups to broaden the impact and coverage of its housing program.

"We will continue to partner with more local government units, the private sector, and people's organizations, multilateral and bilateral institutions to ensure the delivery of basic services, particularly at the community level. We will continue to look for creative solutions to pervasive community development challenges." (PIA-MMIO) [top]

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