US lends $20 million for housing project

MANILA, Philippines — The US government, through its development finance institution, is providing a $20 million loan to real estate investment company Lhoopa Inc. to support an affordable housing project in the Philippines.

In a statement yesterday, the US Department of State said the loan agreement between the US International Development Finance Corp. (DFC) and Lhoopa is among the collaborations between the US and its partner countries highlighted during the Indo-Pacific Business Forum conducted in Taguig City earlier this week.

“The loan will promote affordable housing throughout the country,” the US Department of State said.

The $20 million loan for Lhoopa will bring DFC’s total commitments in the Philippines to $80 million.

Lhoopa, which was established in 2018, is the first non-traditional developer to be accredited by the Home Development Mutual Fund.

Earlier this year, Lhoopa signed a loan agreement with the Asian Development Bank for a $20 million loan for the firm’s affordable housing project to be located in areas outside Metro Manila.

As an affordable housing project, the housing units will be sold at an average price of P850,000.

The housing units are targeted for Filipino drivers, security guards, factory workers, teachers and office administrative workers.

DFC is partnering with the private sector by investing in sectors including energy, healthcare, critical infrastructure and technology to help address challenges in the developing world.

To facilitate further investment in the Philippines, DFC plans to open a regional office in the country.

This new office is expected to allow DFC to closely monitor existing commitments in the Philippines.

It will also enable DFC to mobilize private sector investments, particularly in priority sectors like infrastructure, critical minerals and renewable energy.