Project Data Sheet (PDS): Overview


The National Housing Mortgage Finance Corporation (NHMFC) disposed of a portfolio of non-performing mortgages (Portfolio) through a competitive auction process. On 18th of May 2004, DB Real Estate Global Opportunities IB, L.P. (DBGO) emerged as the winning bidder. DBGO is a $360 million fund that invests globally in real estate and real estate-related assets, managed by Deutsche Bank AG. The Portfolio consisted of approximately 55,300 individual mortgage loans, secured by single-family homes located throughout the Philippines. The Portfolio loans had an aggregate outstanding principal balance (OPB) of P13.45 billion ($239 million). Balikatan Housing Finance (BHF), the Special Purpose Vehicle set up and owned by DBGO and NHMFC acquired the Portfolio and enter into a servicing agreement with Bahay Financial Services (BFS) for the servicing and resolution of the Portfolio loans. ADB's financial assistance includes: (i) a secured, non-recourse senior loan of up to $33 million equivalent to BHF, and (ii) equity investment of up to $1 million representing a 10% equity stake in BFS (the Project). Read More

Country Philippines
Borrower/Equity Investment Name
Project Number 37919-014
Project Type or Modality of Assistance PS
Financing Private sector (Nonsovereign)
Status Approved
Approval Numbers 7206/2155
Approval Date 17 Dec 2004
Geographical Location Philippines
Sector / Subsector Classification Finance
/ Housing finance
Safeguard Categories Environment: C



Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

The Public Communications Policy (PCP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.

The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.

In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.

Project Data Sheets (PDS)

Responsible ADB Officer
William Willms
Request for information

Responsible ADB Department
Private Sector Operations Department

Responsible ADB Divisions
Private Sector Investment Funds & Special Initiatives Div

PDS Creation Date
28 Aug 2006

Last PDS Update
16 Nov 2009