P50B ship modernization fund untapped – Marina

THE Development Bank of the Philippines' (DBP) P50 billion financing facility for fleet upgrades remains untapped as ship operators struggle with post-pandemic recovery, the Maritime Industry Authority (Marina) said.

"Operators are still recovering from the economic downturn caused by the Covid-19 pandemic. When assessed by banks, their capacity to pay is not deemed sufficient, which deters them from availing these loans," Marina Administrator Sonia Malaluan said.