Italpinas Development Corporation (IDC), a real estate developer, said that on Friday it signed an arrangement to obtain a P250 million new term loan from the Development Bank of the Philippines to raise its working resources.
In a Friday filing, the mentioned firm said that this would “positive momentum,” as the sum of its receivables and the projected growth in demand rise.
“This additional term loan would help the business secure its development and traction,” said IDC Chairman and CEO Romolo Nati.
As of the third quarter, IDC reported a 28% rise in net earnings to P46.74 million producing sales primarily from two ongoing residential ventures.
DBP has partly sponsored the first two phases of IDC’s Primavera City in Cagayan de Oro City. In the first quarter of 2021, the Citta Verde Twin Towers are ready for occupation and in the second quarter of 2022 the Citta Bella will be finished.
The approvals are being prepared for the final phase of the programs.
The 21-story Miramonti Green Residences in Sto are also being designed by IDC. Tomas, Batangas, while the lockout has slowed down.