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DEVELOPMENT Bank of the Philippines (DBP) has approved P2.5 billion in credit for a company building a lifestyle and commercial mall in Caloocan City.

The loan will be extended to the Innov Block Development Corp. to help build The Limketkai Podium.

The shopping center will have space for 1,300 stalls run by micro, small-, and medium-sized enterprises (MSMEs).

Innov Block Development Corp. mostly works in real estate leasing. The company is a subsidiary of the Alfonso de Oro Corp.

“We have been continually supporting infrastructure projects that can help MSMEs join the mainstream of major economic activity in order to help them recover from the ill-effects of the pandemic,” DBP President and Chief Executive Officer Emmanuel G. Herbosa said.

He said the three-level shopping center will also provide jobs in the north Caloocan area.

The state-run bank provides credit in infrastructure and logistics, MSMEs, environment, and social services and community development.

Last month, DBP said that it extended a P700-million loan to an industrial park developer, Science Park of the Philippines, Inc., to finance projects as the manufacturing sector recovers.

The Science Park loan will partially finance land development, road construction, and water utilities projects, the bank had said.

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, a previous report showed. — J.P. Ibañez