PH firm gets P1.16-B loan for affordable housing project from US DFC

By Kris Crismundo

May 23, 2024, 7:10 pm

MANILA – Philippine real estate investment company Lhoopa, Inc. secured a USD20-million (PHP1.16 billion) loan from the United States International Development Finance Corp. (DFC).

The loan agreement between the DFC and Lhoopa is one of the offshoots at the recently concluded Indo-Pacific Business Forum (IPBF) held here on May 21.

“The loan will promote affordable housing throughout the country, bringing DFC’s total commitments in the Philippines to USD80 million,” the US Department of States said in a statement Thursday (Manila time).

Last March, the investment firm also secured financing from the Asian Development Bank (ADB) worth USD20 million.

Lhoopa's housing initiative aims to deliver affordable housing for average-income earners in the country.

Meanwhile, the DFC also officially announced at the IPBF its plan to establish its regional office in the Philippines to facilitate US investments across the country.

“The new office will allow DFC to closely monitor existing commitments in the Philippines and further mobilize private sector investments, especially in priority sectors like infrastructure, critical minerals, and renewable energy,” the US State Department added.

Earlier, the US government announced that it has chosen the Philippines as its headquarters for the new US Civil Nuclear/Small Modular Reactor (SMR) Industry Working Group for Southeast Asia.

The US Department of Commerce’s International Trade Administration (ITA) is creating an industry working group for the civil nuclear industry in Southeast Asia.

“The new Industry Working Group will be composed of approximately 40 US companies seeking to gain a better understanding and traction on civil nuclear power projects, particularly SMR technologies, across Southeast Asia,” the State Department said.

It added the ITA, together with the Office of Energy and Environmental Industries (OEEI) and the Foreign Commercial Service office in Manila, will co-manage the working group, with the support of the US Trade and Development Authority and other US government agencies. (PNA)