Tuesday, October 10, 2007 Bank to offer housing loan to workers’ groups
THE financial arm of the Metro Gaisano group of companies plans to offer its promotional housing program dubbed, “Home for Less,” once a year.
This, after the success of the first “Home for Less” promo held in July this year, said Danilo Quintos, chief operating officer and executive vice president of Wealth Development Bank (Wealthbank).
Quintos said the bank’s booking during the two-month promo period offered simultaneously by its branches in Cebu, Cagayan de Oro and Bohol reached around P100 million.
“The response of the market to the promo was really good. But Cebu is the biggest in terms of booking. We are planning to have this every year, most preferably during summer, when construction is at its peak,” he said.
“This is one of the activities that the bank will be adding to its annual promotions like the used car fair,” he added.
Anniversary
Wealthbank, formerly Danao City Development Bank, is celebrating its fifth anniversary under the management of the Metro Gaisano group.
In 2001, the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission approved the acquisition of Danao City Development Bank by the Metro Gaisano group with its authorized capital increased to half billion pesos.
Danao City Development Bank was established in 1966.
The Metro Gaisano group or Vicsal Development Corp. is the bank’s majority shareholder while its equity partners are the Development Bank of the Philippines and the Land Bank of the Philippines.
The “Home for Less offers housing loans with 8.5 percent per year interest for a loan payment term of up to 10 years.
Quintos said Wealth-bank may tap an employees’ association, like the Del Monte Employees Association in Bukidnon.
“We have a special arrangement with the organization wherein we help finance their purchase of house and lot units,” he said.
In Cebu, Wealthbank is partnering with its sister-company Taft Property Ventures. (PR)
