P.A. Alvarez Properties and Development Corporation (P.A. Properties) has joined forces with two of the Philippines’ most established financial institutions—the Government Service Insurance System (GSIS) and the Philippine National Bank (PNB)—in a trailblazing collaboration aimed at tackling the nation’s housing deficit.
The partnership represents a shared commitment to nation-building and social welfare, targeting the creation of 20 new communities over the next five years.
A cornerstone of this endeavor is the establishment of a Corporate Notes Facility worth 1.2 billion pesos, backed by GSIS and PNB.
The fund is dedicated to strategic land acquisition and development, aiming to broaden access to affordable housing.
The PNB Trust Banking Group serves as the facility agent and the lead arranger, with PNB Capital & Investment Corporation co-managing the process.
With the Philippines facing an estimated housing demand of 9 million units, the urgency of providing high-quality, accessible homes is greater than ever.
Chairman Romarico T. Alvarez of P.A. Properties emphasizes the initiative’s role in their mission, asserting that the facility will “significantly bolster our efforts in providing more housing developments to our fellow Filipinos.”
This expansion will not only increase the number of homes available but also offer a variety of housing options to cater to different family needs. Such efforts highlight the growing importance of inclusivity and sustainability in addressing housing concerns.
GSIS President and General Manager, Jose Arnulfo “Wick” Veloso, describes the secured housing financing transaction as a transformative step towards national development.
Meanwhile, PNB’s President and CEO, Florido Casuela, expresses pride in the bank’s strategic move into housing development, contributing to the welfare of the Philippines.
This landmark agreement marks a significant stride towards meeting the housing needs of the Filipino people, reflecting a unified vision among these organizations to ensure that every citizen has a roof over their head—a fundamental step toward the nation’s comprehensive development and prosperity.
