The Development Bank of the Philippines may step in to finance the redevelopment of Baguio City’s public market after a private proponent withdrew from a planned public‑private partnership, signaling a possible shift toward direct state‑backed funding for the long‑delayed project.
DBP president and CEO Michael de Jesus said the state‑owned lender is prepared to provide financing for a multi‑story complex to replace the existing public market, originally built in 1913 and reconstructed several times over the past century.
“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.”
The SM Group which had earlier proposed to redevelop the market pulled out amid strong opposition from stakeholders, effectively halting the PPP route. The project is part of the city government’s broader effort to unlock the economic potential of public assets and strengthen local economic activity.
De Jesus said the redevelopment could be funded under DBP’s Assistance for Economic and Social Development (ASENSO) Program, which provides financing support to local government units for infrastructure and socio‑economic initiatives.
He noted that as of Nov. 30, 2025, DBP had approved more than ₱165 billion in credit assistance to LGUs nationwide for projects covering education, public health, mobility, disaster mitigation and public security.
“DBP is one with the Baguio City leadership in implementing projects that would redound to the benefit of its citizens, even as we look for more avenues of cooperation and collaboration with other LGU partners for their own socio‑development programs,” de Jesus said.
DBP, the country’s ninth‑largest bank by assets, focuses its lending on four priority sectors: infrastructure and logistics, micro, small and medium enterprises, the environment, and social services and community development.
