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Marina, DBP collaborate on ship modernization

Marina, DBP collaborate on ship modernization
Genivi Verdejo September 13, 2023

THE Maritime Industry Authority (Marina) and the Development Bank of the Philippines (DBP) supported the modernization of the maritime industry in Region 8 (Eastern Visayas), focusing on addressing financial and accessibility issues faced by stakeholders.

Marina Regional Office 8, with the Marina Central Office's (MCO) Shipyard Regulation Service and DBP, discussed the challenges related to ship modernization mandated by Marina Circular 2016-02, affecting boatbuilders, shipowners and operators in the region.

During the meeting, key presentations included updates on the ship and boat building in Eastern Visayas by engineer Ivorre Francisco; on the modernization program under Marina Circular 2016-02 by Mildred Camino; and "Cruise" by Raquel Anzures.

The meeting resulted in the anticipation of a memorandum of agreement between Marina and DBP, defining the financial package for maritime stakeholders in Region 8. It aims to provide financial assistance that will promote, develop and foster a sustainable and progressive maritime industry, which is a crucial step in the ongoing modernization program.

The discussions focused on providing incentives or subsidies to boatbuilders and shipowners, similar to the support provided to the land transportation sector, to make the modernization package more accessible and affordable to maritime stakeholders.

Marina requested that DBP provide monthly loan amortization computations, including interest rates, to address concerns within the maritime community about the financial package's affordability and repayment obligations.

The meeting was facilitated by SRS Director Ramon Hernandez and attended by representatives from Marina MCO and RO 8, DBP Central Office, DBP Tacloban Lending Center officials, and other DBP branches in the region.