DBP Leasing Corporation (DLC), a subsidiary of state-owned Development Bank of the Philippines (DBP), recently acquired the Insular Life Building in Cebu, the first real property leasing project under its non-traditional leasing program, to be leased by the Department of Labor and Employment (DOLE) for its regional office in Region VII.
DBP president and chief executive officer Francisco F. Del Rosario Jr., who serves as DLC chairman, said that 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.
DLC president and chief executive officer Agustin R. 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.
The property acquired from Insular Life is a 6-storey building located at the corner of General Maxilom and Gorodo Avenues in Cebu City. The building has a total floor area of 5,237 sq.m. inclusive of open parking spaces, penthouse and basement. The building will house the DOLE Region VII office and its attached agencies such as the Overseas Workers Welfare Administration (OWWA), the Philippine Overseas Employment Administration (POEA), and the Occupational Safety and Health Center (OSHC), among others.
“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,” stressed Bengzon. “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.”
Formerly the DBP Maritime Leasing Corporation, DLC was renamed in January 2010 to reflect the change in the scope of its business. DLC provides leasing opportunities to the public and private sector for the acquisition of all kinds of vessels and other properties and equipment in support of government priorities and nationwide development.
Photo shows (from left ): Insular Life Assurance Corp. (ILAC) head of real property senior assistant vice president Hector Cauna, ILAC chairman Vicente Ayllon, DLC president & CEO Agustin R. Bengzon, and DLC vice president for corporate services Ricardo O. Romero during the signing of the Deed of Absolute Sale of the six-storey Insular Life Building in Cebu City.