Pueblo de Oro inks 500-M term loan with DBP

Pueblo de Oro Development Corporation 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.

Pueblo de Oro bared that it intends to construct more socialized and economic housing developments congruent with the goal of DBP and aligned with the government’s goal of addressing the 6.5 million housing backlog of our country.

The company expects these new housing developments will produce a positive impact in the communities they will be located.

The loan is the second transaction of Pueblo de Oro with the state lender. Five years ago, DBP granted P500-million 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.

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