Article by:
Anna Leah Gonzales
MANILA – The Philippine Guarantee Corporation (PHILGUARANTEE) and Sterling Bank of Asia Inc. recently signed a PHP5-billion housing retail guarantee facility to expand access to home financing for Filipinos.
In a statement late Wednesday, PHILGUARANTEE said the contract was signed by PHILGUARANTEE President and CEO Alberto Pascual and SVP Teresito Cayo Butardo, Group Head of the Housing Guarantee Group at the Sterling Bank of Asia Head Office in San Juan City on March 17.
They were joined by Sterling Bank of Asia President and CEO Cecilio San Pedro and Real Estate Loans 1 Head Candice Quianzon.
Pascual said the partnership with Sterling Bank shows the shared commitment to expanding housing opportunities for Filipino families.
"For PHILGUARANTEE, our partnership with Sterling Bank of Asia plays an important role in fulfilling our mandate of strengthening the country’s credit delivery system,” he said.
Butardo for his part, cited the importance of expanding housing opportunities for Filipinos amid global uncertainties.
"As a GOCC (government-owned and controlled corporation) attached to the Department of Finance, PHILGUARANTEE provides credit guarantees that reduce the risks of lending to sectors vital to economic growth, particularly housing, which is often underserved," he said.
Meanwhile, San Pedro underscored the importance of collaboration in the financial sector.
"PHILGUARANTEE provides an important mechanism that enables banks like Sterling Bank of Asia to extend housing loans with greater confidence and reach more deserving borrowers. In simple terms, this partnership allows us to do what the banks are meant to do. Support aspirations while ensuring that lending remains prudent and sustainable,” San Pedro said. (PNA)
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