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Business > Maritime
P50B ship modernization fund untapped – Marina
By Genivi Verdejo
Jun 12, 2024 12:10 am

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.

Marina Administrator Sonia Malaluan. CONTRIBUTED PHOTO

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