DBP expresses intent to bankroll Baguio City market redevelopment

The Development Bank of the Philippines (DBP) has expressed intent to partner with the Baguio City local government in the planned redevelopment of the city’s 110-year-old public market.

In a statement, DBP president and CEO Michael de Jesus said the state-owned bank can provide the needed financing to put up a multi-storey complex that would replace the current public market, which has undergone several reconstructions since its inception in 1913.

This, after a private firm withdrew its proposal under a public-private-partnership deal with the Baguio City government.

“DBP is keen to support the redevelopment of the Baguio City public market and is prepared to finance the project. As a development bank, we actively pursue local government initiatives that spur economic growth, modernize public infrastructure, and provide meaningful support to MSMEs,” De Jesus said.

De Jesus said the project could be undertaken through the bank’s Assistance for Economic and Social Development (ASENSO) Program for LGUs, which provides financing assistance to all levels of local government units for activities and initiatives to accelerate infrastructure and socio-economic development of their respective areas.

He said that as of November 30, 2025, the bank has already approved more than P165 billion in credit assistance to various LGUs in the country, which pursued projects in the areas of education, public health, access and mobility, disaster-mitigation, and public security, among others.

“DBP is one with the Baguio City leadership in implementing projects that would redound to the benefit of its citizens, even as we look for more avenues of cooperation and collaboration with other LGU partners for their own socio-development programs,” De Jesus said.

DBP is the ninth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development. —AOL, GMA Integrated News