DBP extends P700-million loan to industrial park developer
DEVELOPMENT Bank of the Philippines (DBP) has extended a P700-million loan to an industrial park developer to finance its projects as the manufacturing sector recovers.
The state-owned lender granted the seven-year syndicated term loan to Science Park of the Philippines, Inc., which has developed industrial parks in Laguna, Batangas, Bataan, and Cebu.
The developer is building two more facilities in Bataan and Batangas, which would have a road network, storm drainage systems, water distribution, wastewater treatment, power, and telecommunications.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said the loan will partially finance land development, road construction, and water utilities projects.
He said Rizal Commercial Banking Corp. is a co-lender, while the Investment and Capital Corporation of the Philippines is the financial adviser and lead arranger.
“DBP recognizes this financial collaboration as a strategic and huge step in advancing the country’s infrastructure landscape which can spur further economic development,” he said.
He said the state bank expects more locators in manufacturing, logistics, electronics, packaging, and food industries entering industrial parks.
The bank’s net income in the first quarter of 2021 fell by 62% year on year to P547.83 million as its operating expenses increased.
Meanwhile, DBP granted P38.28 billion in credit for more than 100 local government units in the first half of last year.
The loan program was designed to aid them in their recovery from the effects of the pandemic, especially in the countryside.
Science Park of the Philippines, Inc. has been operating industrial parks registered with the Philippine Economic Zone Authority since its founding in 1989. Its industrial parks cover a total of 800 hectares. — Jenina P. Ibañez
