State-owned Development Bank of the Philippines (DBP) said it is ready to team up with the Baguio City local government to fund the redevelopment of its 110-year-old public market after a private firm withdrew from a public-private partnership deal.
DBP president and chief executive Michael de Jesus said the bank could provide the financing required to construct a multi-story complex to replace the current structure, which dates back to 1913.
“DBP is keen to support the redevelopment of the Baguio City public market and is prepared to finance the project,” de Jesus said.
“As a development bank, we actively pursue local government initiatives that spur economic growth, modernize public infrastructure, and provide meaningful support to MSMEs,” he said.
The bank is positioning itself as a primary alternative to private entities after a prospective developer pulled its proposal following opposition from local stakeholders.
The redevelopment aims to optimize the economic value of the city’s public assets and boost the local economy.
The project may be facilitated through the bank’s Assistance for Economic and Social Development (ASENSO) Program for LGUs.
The program provides credit assistance to all levels of local government to accelerate socio-economic development.
As of November 30, 2025, the bank has approved more than P165 billion in credit assistance to various local government units for projects involving education, public health and disaster mitigation.
DBP is the ninth largest bank in the country in terms of assets and focuses its credit support on infrastructure, logistics and social services.
“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.
