Listed Italpinas Development Corp. (IDC) has secured a P250-million loan from state-run Development Bank of the Philippines (DBP) to augment its operating capital. In a statement on Friday, Romolo Nati, chairman and chief executive officer of the green real estate firm, said the loan would “help the company to further secure its momentum and growth.” He noted that “Primavera City (Phases 1 and 2), which is IDC’s second project and located in Cagayan de Oro City, were also partially funded by DBP.” The loan comes after IDC’s mixed-used condominium projects in Cagayan de Oro and Santo Tomas town, Batangas province, posted a favorable sales performance amid the coronavirus pandemic. Earlier, the IDC posted a net income of P46.7 million in the first nine months of 2020, up 28.16 percent from P36.5 million in the same period last year. IDC shares inched up by 1 centavo or 0.33 percent to end at P3.05 apiece on Friday.
