San juan city: The Philippine Guarantee Corporation (PHILGUARANTEE) and Sterling Bank of Asia Inc. have announced the signing of a PHP5-billion housing retail guarantee facility, aiming to enhance home financing accessibility for Filipinos. The agreement was formalized at the Sterling Bank of Asia Head Office in San Juan City on March 17, with key figures such as PHILGUARANTEE President and CEO Alberto Pascual and SVP Teresito Cayo Butardo, Group Head of the Housing Guarantee Group, in attendance.
According to Philippines News Agency, this initiative is a testament to the shared commitment of both PHILGUARANTEE and Sterling Bank in expanding housing opportunities for Filipino families. Pascual emphasized that the partnership plays a crucial role in fulfilling PHILGUARANTEE's mandate to strengthen the country's credit delivery system, ensuring more Filipinos have access to home loans.
Butardo highlighted the importance of expanding housing opportunities, especially amid global uncertainties. As a government-owned and controlled corporation attached to the Department of Finance, PHILGUARANTEE provides credit guarantees that mitigate lending risks to vital sectors, including housing, which often remains underserved.
Sterling Bank of Asia President and CEO Cecilio San Pedro stressed the significance of collaboration in the financial sector. He stated that the partnership with PHILGUARANTEE enables banks like Sterling Bank of Asia to extend housing loans with increased confidence, reaching more deserving borrowers. This collaboration ensures that lending remains prudent and sustainable while supporting the aspirations of Filipino families.
