STATE-OWNED Development Bank of the Philippines (DBP) is ready to partner with the Baguio City government to redevelop the city’s over century-old market, a senior official said on Friday.
This statement comes following SM Prime Holdings’ withdrawal of a P4.5-billion public-private partnership proposal, ostensibly due to continued stakeholder disagreements over the way the project should be designed and implemented.
DBP President and CEO Michael de Jesus said the bank could provide the necessary financing for the establishment of a multistory complex to replace the current market structure, which has undergone several reconstructions since its establishment in 1913.
“DBP is keen to support the redevelopment of the Baguio City public market and is prepared to finance the project,” he said.
“As a development bank, we actively pursue local government initiatives that spur economic growth, modernize public infrastructure and provide meaningful support to MSMEs (micro, small and medium enterprises).”
De Jesus said the project could be carried out through the bank’s Assistance for Economic and Social Development Program for local government units (LGUs), which aims to support projects and activities that will accelerate infrastructure development.
The bank was said to have already approved over P165 billion in credit assistance to LGUs across the country as of Nov. 30, 2025. The loans were used for projects related to 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.
DBP is the ninth-largest bank in the country in terms of assets. It offers loan support to four key economic sectors, namely: infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
