Written by
Aileen Lor
Wednesday, 01 August 2012 00:00 [
tribune.net.ph ]
The
DBP Leasing Corp. (DLC) recently acquired an Insular Life building in Cebu for
its first real estate leasing project.
The
building, is going to be leased by the
Department of Labor and Employment (DoLE) for its regional office in Region
VII.
“The
project will enable DoLE to benefit from the lease financing scheme as the
lease application requires no collateral with a reasonable interest rate and
flexible terms,” DBP president and chief executive officer Francisco del
Rosario said. Del Rosario also serves as DLC chairman.
Meanwhile,
DLC president and chief executive officer Agustin Bengzon said the completion
of the DoLE project for the first
quarter of 2012 is an achievement and a significant contribution to DLC’s
non-traditional lease portfolio for 2012.
“As
our first venture into real estate, we want to make sure that systematic
evaluation and documentation are observed and a proper turn-over of the
building is accordingly facilitated providing
only the best service for our first non-maritime project client — the
DoLE,” Bengzon stressed.
“We
would like to encourage other national government agencies (NGAs) to avail of DLC’s
lease facility for NGAs in the acquisition of buildings for their offices
through conversion of rentals into lease payments,” Bengzon added.
The
property acquired from Insular Life is a six-story building located at the
corner of General Maxilom and Gorodo Avenues in Cebu, City. It has a total area
of 5,237 square meters which is inclusive of open parking spaces, penthouses
and basement.
The
building will house the DoLE Region VII office and its attached agencies such
as the Overseas Workers Welfare Administration, the Philippine Overseas
Employment Administration and the Occupational Safety and Health Center, among
others.
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