State-owned Development Bank of the Philippines is prepared to partner with the Baguio City local government in the planned redevelopment of the city’s 110-year-old public market after a private firm withdrew its proposal under a public-private-partnership deal, a senior official said.
DBP President and Chief Executive Officer Michael O. de Jesus said the Bank can provide the needed financing to put up a multi-story complex that would replace the current structure, which has undergone several reconstructions since its inception in 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.
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.
Media reports quoting Baguio City officials said the prospective project to be undertaken by a private entity will no longer push through after the latter pulled out its proposal after mounting opposition from stakeholders. The market redevelopment is part of the city’s move to optimize economic value of its public assets to boost the local economy.
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.
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