The Maritime Industry Authority said it teamed up with the Finance Department to push for the modernization of local boats.
The two agencies encourage the upgrading of wooden vessels into fiber-reinforced plastic boats. Marina said motorbanca owners could avail of the Municipal Development Fund from the DOF’s Municipal Development Fund Office upon the discretion of their respective local government units.
Under the MDF, motorbanca owners may have a more effective and reliable structure for their vessels, ready for the future implementation of Marina’s policy on modernizing the domestic shipping industry.
The MDF was initially allocated to provide concessional financing assistance to LGUs with revenue-generating sub-projects and other infrastructure projects. With the Marina-DOF partnership, the local maritime industry will now be included in the disbursement of the fund.
“The full implementation of the upgrading of motorbancas can only be achieved through strong collaboration and support from national and local government units. This partnership with the DOF is a good start for us,” Marina domestic shipping service director Sonia Malaluan said.