DBP to offer financing assistance to Filipino ship designers

In line with its efforts to rejuvenate the country's shipbuilding industry, the Development Bank of the Philippines (DBP) has announced its willingness to fund the construction of ships or vessels designed by the country's naval architects.

"(We are willing to do this so) they can promote this vessels which are Filipino designs to promote shipbuilding in the Philippines," DBP senior assistant vice president Paul Lazaro said.

He said this effort is in conjunction with their initiative in modernizing the country's shipyards.

?We are financing the modernization of the vessels and I hope some shipyards will accommodate this,? Lazaro stressed.

The DBP earlier acquired the NDC-Maritime Leasing Corporation from National Development Corporation (NDC) in 2008, for P379 million to develop the roll-on, roll-off terminal system (RRTS) and the missionary routes program in the country.

As this develops, Society of Naval Architects and Marine Engineers (SONAME) president Sammuel T. Lim said they are pushing for Filipino ship owners to utilize marine craft designed and built by their compatriots.

He said Filipinos, giving the right funding, has more than sufficient talent to give the shipbuilding giants in the United States, Japan, South Korea, China and the United Kingdom a run for their money.

"We are number one now in the global manning industry. I see no reason why we can't dominate the shipbuilding and ship design industry," Lim concluded. (PNA)

Source: Press Release