THE DEVELOPMENT Bank of the Philippines (DBP) has approved a P300-million loan to the local government of Ormoc for the development of its site and land in support of President Ferdinand R. Marcos, Jr.’s flagship national shelter program.
“DBP’s latest partnership with the city government of Ormoc is a timely response to the call of President Ferdinand Marcos, Jr. to ensure that all Filipinos are given access to affordable housing,” DBP President and Chief Executive Officer Michael O. de Jesus said in a statement on Thursday.
The loan to Ormoc City will finance the construction of two four-story buildings with 96 housing units each, for low-income families and those who are still living in government-owned properties.
DBP’s financing to cities like Ormoc seeks to reduce the number of informal settlers to zero by 2028. — Aaron Michael C. Sy
