STATE-OWNED Development Bank of the Philippines (DBP) has approved a P300-million loan to finance the city government of Ormoc's site and land development in support of the flagship national shelter program of President Ferdinand Marcos Jr., a top official said.

DBP President and Chief Executive Officer Michael de Jesus said the financing assistance is a maiden approval under the bank's credit facility for the Pambansang Pabahay Para sa Pilipino (Bahay-4PH) program, a new lending program designed to complement the priority housing initiative of the Marcos administration.

DBP is the 10th largest bank in the country in terms of assets and provides credit support to four priority sectors of the economy — infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.

Ormoc City is a first-class independent component city with an estimated population of more than 230,000. It is widely regarded as the agro-commercial, industrial and tourism hub of Eastern Visayas.

The Bahay-4PH is a sub-program of the DBP Building Affordable Homes Accessible to Every Filipino (Bahay) Program, which serves as the bank's primary credit facility for the housing sector.

De Jesus said the loan to Ormoc City would finance the construction of two four-story buildings consisting of 96 housing units each that would benefit qualified low-income families and those still living in government-owned properties.