State-owned Development Bank of the Philippines (DBP) has approved a P2.5-billion credit assistance to Innov Block Development Corporation (IBDC) to finance the ongoing construction and completion of The Limketkai Podium – a lifestyle and commercial mall located in the northern part of Caloocan City.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said that the mall is set to develop a “Tiangge” center within its premises that can accommodate over 1,300 stalls for micro, small and medium enterprises (MSMEs) looking for a viable site to cater to the needs of their target market.
“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,” Herbosa said.
DBP is the fifth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.
IBDC is primarily engaged in the real estate leasing business. It is a wholly-owned subsidiary of Alfonso de Oro Corporation which is headed by the owners of the Limketkai Group of Companies – a family-owned conglomerate in Cagayan de Oro.
Herbosa said that aside from boosting the level of commercial activities in the area, the three-level shopping podium project is also expected to provide livelihood opportunities in a populous area in North Caloocan where many residents belong to the middle and lower middle income class.
He said DBP hopes to help pivot more MSMEs towards strengthened market competence, increased productivity and improved overall competitiveness.
“DBP is one with the National Government in establishing an enabling environment for the continued development and sustainability of the MSME sector which remains the lifeblood of the domestic economy,” Herbosa said.