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Manila Bulletin devider Business devider DBP offers financing for Baguio market after private bid fails

DBP offers financing for Baguio market after private bid fails

Published Jan 30, 2026 11:53 am
The Development Bank of the Philippines (DBP) is prepared to fund the redevelopment of Baguio City’s century-old public market, stepping in after a private sector-led proposal collapsed under local opposition.
In a statement on Friday, Jan. 30, Michael O. de Jesus, DBP president and chief executive officer, said the bank is ready to provide the necessary credit to construct a multi-story complex to replace the existing structure.
The market, a central landmark in the mountain city, has undergone several iterations since it first opened in 1913 but currently requires a modern overhaul to meet growing economic demands.
The move by the nation’s ninth-largest bank follows the withdrawal of a private firm from a planned public-private partnership. Local officials confirmed the private proponent pulled its bid after facing significant pushback from market stakeholders and community groups.
Baguio’s administration has prioritized the market’s modernization as a cornerstone of its strategy to optimize the economic value of public assets and invigorate the local economy.
De Jesus said that as a development-oriented institution, DBP is looking to fill the gap left by the private sector.
He noted that the bank’s mandate involves pursuing local government initiatives that modernize public infrastructure and provide essential support to micro, small, and medium enterprises. The Baguio project aligns with DBP’s core focus on infrastructure, logistics, and social services.
The financing for the project would likely be channeled through the bank’s Assistance for Economic and Social Development (ASENSO) Program for LGUs. This facility is designed to provide credit to local government units for projects that accelerate socio-economic development.
By bypassing a private partner, the city government could retain more direct control over the project's execution and long-term management.
As of Nov. 30, 2025, the DBP had approved more than ₱165 billion in credit assistance to various local government units across the Philippines.
These loans have funded a wide spectrum of public interests, ranging from disaster mitigation and public security to healthcare and education infrastructure.

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