November 21, 2000
PIA Bicol
LEGAZPI CITY - The Development Bank of the Philippines (DBP) launched recently the Domestic Shipping Modernization Program Phase II (DSMP II).
DBP asst. vice-president and Legazpi branch manager Gil P. Antonio bared that the DSMP is a policy-based program of the government with DBP as executing agency and the Overseas Economic Cooperation Fund (OECF) as funder.
Antonio said the program aims to provide financial assistance to enterprises engaged in domestic shipping and shipping-related industries such as ship repair, shipbuilding, cargo handling, terminal operations and port operations. "This is in support to the modernization of the domestic
shipping to make the transport and cargo services more efficient, reliable, safe and affordable."
He said the DBP expanded assistance program will provide the replacement of wooden bancas with modern, safer types; establishment of small shipyards in rural areas; and feeder ports development.
In addition, DSMP II aims to upgrade the facilities and curriculum of maritime
schools to meet the international standards for seafarers ensuring continuous employment of capable Filipino maritime workers, Antonio added.
Eligible borrowers are Filipino citizens, local government units (LGUs) or domestic corporations with at least 70 per cent capital owned by Filipino citizens and duly accredited by concerned government agencies (SEC, MARINA, PPA, TESDA, CHED, MTC etc.) to engage in the business of domestic shipping, ship repair/shipbuilding, maritime schools, port cargo handling and related terminal operations.
Interested parties are invited to visit DBP, Legezpi City for more parficulars/information. JNPandes, DBP Legazpi/RIAC)
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