An official of state-owned Development Bank of the Philippines (DBP) on Friday said the bank is ready to provide funding for the redevelopment of Baguio City’s 110-year-old public market.

This comes after the private firm that submitted a proposal for a public-private partnership (PPP) for the project reportedly withdrew its offer due to increasing opposition on the project.

In a statement, DBP President and Chief Executive Officer Michael de Jesus said the bank can help finance the construction of a multi-story market building to improve Baguio City's public market.

He said financing may come through DBP’s Assistance for Economic and Social Development (ASENSO) Program for local governments, which aims to help hasten infrastructure and socio-economic development.

“DBP is keen to support the redevelopment of the Baguio City public market and is prepared to finance the project,” de Jesus 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 also said DBP supports the Baguio City leadership in implementing projects that benefit residents, while continuing to explore further cooperation and collaboration with other local government units for their socio-development programs.