GSIS MAIN OFFICE, PASAY CITY, APRIL 2, 2024 – In a historic collaboration, P.A. Alvarez Properties and Development Corporation (P.A. Properties), together with prominent financial institutions, Government Service Insurance System (GSIS) and Philippine National Bank (PNB), along with the participation of PNB Trust Banking Group and PNB Capital & Investment Corporation, have forged a pioneering alliance to address the critical shortage of housing across the Philippines.
The cornerstone of this partnership is a significant Corporate Notes Facility valued at 1.2 Billion pesos, with PNB and GSIS as key noteholders. PNB Trust Banking Group assumes the pivotal role of facility agent, while also serving as the mandated lead arranger and bookrunner, alongside PNB Capital & Investment Corporation. This fund is earmarked for strategic land development and acquisition, directly supporting the expansion and enhancement of affordable housing projects.
The primary objective of this initiative is crystal clear: to tackle head-on the housing backlog in the country. With an estimated demand for housing potentially reaching 9 million, it is imperative to deliver accessible and high-quality housing solutions.
Romarico T. Alvarez, Chairman of P.A. Properties, underscores the significance of this, affirming, “The implementation of this Corporate Notes Facility will significantly bolster our efforts in providing more housing developments to our fellow Filipinos. With this, you become one of with us in our vision of providing inclusive, sustainable, and affordable housing.”
Over the next five years, P.A. Properties plans to expand its reach by developing an additional 20 communities. This expansion will not only increase the housing inventory but also diversify the options available to Filipino families.
In alignment with the vision of nation-building, GSIS President and General Manager, PGM Jose Arnulfo “Wick” Veloso, remarks, “This collateralized or secured housing financing transaction serves as a catalyst for numerous endeavors aimed at genuine nation-building.”
Florido Casuela, President and CEO of PNB, expresses satisfaction with the collaboration, stating, “Expanding our institution’s reach into housing projects is one of our strategic objectives… We are delighted and honored to be a part of this collaborative endeavor, contributing to the betterment of our beloved Philippines.”
This landmark partnership symbolizes a collective vision shared by and among the participating entities – a vision of a nation where every Filipino has a place to call home. As the journey towards eradicating the housing backlog in the Philippines continue, GSIS, PNB, PNB Trust Banking Group, PNB Capital & Investment Corporation, and P.A. Properties stand united in their unwavering commitment to alleviate the housing shortage.
