MANILA - Century Properties on Wednesday said it partnered with Japan's Mitsubishi Corp to establish a company for affordable housing in the Philippines.

Century will subscribe to 60 percent while Mitsubishi to 40 percent of the authorized capital stock of the P5-billion joint venture, PHirst Park Homes, the Filipino developer told the stock exchange.

PHirst Park aims to address the 6.6 million backlog in affordable housing units in the country. It plans to launch 15 projects or 33,000 units in the next 5 years and will pursue projects in key locations outside Metro Manila Century said.

"Our joint venture partnership with Mitsubishi Corporation solidifies Century’s plans of diversification and strengthens its positioning not just in the affordable housing category, but in the broader first home buyer market," said Century Properties chairman and CEO Jose Antonio.

Mistubishi is eyeing a long-term relationship with Century, not just one project, said its general manager of ASEAN Urban Development Department, Hidetoshi Suzuki.