Government-owned Development Bank of the Philippines (DBP) has extended a P2.5 billion loan to Innov Block Development Corporation (IBDC) for the completion of The Limketkai Podium in Caloocan City.
DBP President and CEO Emmanuel Herbosa said the lifestyle and commercial mall is set to develop a ‘tiangge” center within its premises that can accommodate over 1,300 stalls for micro, small and medium enterprises (MSMEs) looking for a viable site to cater to the needs of their target market.
“We have been continually supporting infrastructure projects that can help MSMEs join the mainstream of major economic activity in order to help them recover from the ill-effects of the pandemic,” Herbosa said.
Aside from boosting the level of commercial activities in the area, Herbosa said the three-level shopping podium project is also expected to provide livelihood opportunities in a populous area in North Caloocan where many residents belong to the middle- and lower middle-income classes.
He said DBP hopes to help pivot more MSMEs towards strengthened market competence, increased productivity and improved overall competitiveness.
“DBP is one with the national government in establishing an enabling environment for the continued development and sustainability of the MSME sector which remains the lifeblood of the domestic economy,” Herbosa said.
IBDC is a wholly-owned subsidiary of Alfonso de Oro Corporation which is headed by the owners of the Limketkai Group of Companies – a family-owned conglomerate in Cagayan de Oro.