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According to a top official, the state-owned Development Bank of the Philippines (DBP) has extended a PHP700 million seven-year syndicated term loan to Science Park of the Philippines, Inc. (SPPI) to fund the company’s development projects in order to meet rising demand amid the manufacturing sector’s steady recovery.

The loan was approved with Rizal Commercial Banking Corporation as a co-lender and the Investment & Capital Corporation of the Philippines as financial adviser and lead arranger, according to DBP president and chief executive officer Emmanuel Herbosa.

“DBP sees this financial engagement as a strategic and significant step forward in improving the country’s infrastructural landscape, which can help promote further economic development,” he said.

The loan’s proceeds, according to Herbosa, will be used to partially fund existing and future projects and capital expenditures like land development, road building, water utilities, and a centralized wastewater system.

SPPI was founded in 1989 and has since created four Philippine Economic Zone Authority-registered industrial parks in Laguna, Batangas, Bataan, and Cebu, totaling over 800 hectares.

It is currently building two more facilities in Bataan and Batangas, each with a proper road network and storm drainage system, as well as water distribution, wastewater treatment, power, and telecommunications.

As the country continues to develop its position as a suitable site to host enterprises in the manufacturing, logistics, electronics, semiconductors, packaging, food, and other industries, Herbosa said DBP expects more locators to flock to industrial parks like SPPI’s.

“DBP will continue to collaborate with a variety of organizations and economic important actors who share our purpose of encouraging growth prospects while improving our country’s competitiveness through infrastructure development,” he added.

DBP is the country’s fifth largest bank by assets and provides financing to four key economic sectors: infrastructure and logistics, micro, small and medium enterprises, the environment, and social services and community development.

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