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.