THE Development Bank of the Philippines' (DBP) P50 billion financing facility for fleet upgrades remains untapped as ship operators struggle with post-pandemic recovery, the Maritime Industry Authority (Marina) said.
THE Development Bank of the Philippines' P50 billion financing facility for fleet upgrades remains untapped as ship operators struggle with post-pandemic recovery, the Maritime Industry Authority said.'Operators are still recovering from the economic downturn caused by the Covid-19 pandemic. When assessed by banks, their capacity to pay is not deemed sufficient, which deters them from availing these loans,' Marina Administrator Sonia Malaluan said.
We are developing standardized designs to provide clearer guidelines and cost expectations for ship operators. This will help them understand the financial commitments and make informed decisions,' Malaluan said.Marina and DBP are exploring incentives to make the financing more attractive, aiming for single-digit interest rates.'Interest rates must be competitive, ideally in the single digits, but it depends on the final terms set by the DBP,' she added.
Ship Modernization Fund Untapped Marina
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