A P1.1 billion revolving cash guaranty facility was granted to Cityland Development Corporation (CDC) to cover its commercial paper, which will be issued against a portfolio of installment receivables documented by various contracts to sell. The proceeds of the commercial paper shall be used as working capital for its Mandaluyong Executive Mansion III (MEM) and the Makati Executive Tower III (MET) projects.

The MEM is a seven-storey residential and commercial condominium in Barangay Vergara in Mandaluyong City. The MET is a thirty seven-storey office, commercial and residential condominium along Senator Gil Puyat Avenue, Makati City. These projects are in the final stages of construction and a considerable amount of their units have been sold.

CDC has a good track record in issuing commercial papers. From 2004 – 2007, it issued short-term commercial papers with an aggregate value of P3.14 billion. In 2008, another P1 billion was issued with HGC guaranty.