The Development Bank of the Philippines (DBP) has granted a P4.17-billion loan to Megaship Builders, Inc. (MBI) to upgrade and expand its shipbuilding and ship repair complex in Albuera, Leyte.
"The project will increase the shipyard's capacity from 10,000 Deadweight tonnage (DWT) to 200,000 DWT, accommodating an average of 10 vessels per month from the current two vessels per month,” according to DBP President and Chief Executive Officer Emmanuel G. Herbosa.
It is also welcome news, considering that at present, the country has a dismal ratio of 204 vessels to one shipyard.
MBI's expansion will address the lack of viable shipyards that could accommodate the growing number of vessels in the country, DBP Executive Vice President for Development Lending, Jose Gabino D. Dimayuga, pointed out.
As an archipelago, the Philippines has to enhance its transport infrastructure and logistics facilities to move goods and boost the economy in coastal areas.
"There's a strong local demand for smaller vessels in the domestic market and we export large, commercial ships for the international market,” he explained.
Hence, the local shipbuilding industry has much room for growth.
MBI, for its part, has been operating for the fifth year now and will use the DBP loan to partially finance the construction of the shipyard’s second and third slipways, office building and other support facilities.
The company is engaged in shipbuilding, ship repair, design, construction, outfitting and launching of any type of vessels or watercraft.
It was the first in the Visayas to use marine airbag technology in drydocking vessels – a departure from the traditional common carriage-type method.