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PIA Press Release
2007/04/03

DBP offers P2-billion facility to Zamboanga fishing sector

Zamboanga City (3 April) -- Stakeholders of the fishing industry in Zamboanga and nearby areas may now avail of a P2 billion initial allocation from state-owned Development Bank of the Philippines (DBP) to finance the acquisition of fishing vessels and other related investments.

DBP president & chief executive officer Reynaldo G. David said the facility will help modernize the fishing industry in Zamboanga and help the province sustain its competitiveness as the sardine capital of the Philippines.


DURING THE INVESTORS' FORUM, DBP signed a memorandum of understanding with the Zamboanga City Special Economic Zone Authority to pave the way for the establishment of business alliances to jumpstart possible partnership programs in the area. Sealing the new partnership with a handshake are Zamboanga City Special Economic Zone Authority chairman Georgina Yu and DBP president and chief executive officer Reynaldo David. Others in photo are (from left) Zamboanga City Special Economic Zone Authority vice chairman Christopher Laurence Amuco and DBP executive vice president Jesus Guevara II.

"We encourage fishing investors in Zamboanga and nearby areas to avail of this financing facility so they can maintain the competitiveness of their businesses and further the province's status as one of the top exporters of marine products in the country," David said during an investors' forum held at the Garden Orchid Hotel here recently.

David said the facility has a repayment term of up to 10 years inclusive of a two-year grace period. Eighty percent of the total project cost will be financed while collateral is mortgaged on the fishing vessel and other assets.


DURING THE INVESTORS' FORUM, DBP signed a memorandum of understanding with the Zamboanga del Sur I Electric Cooperative, Inc. (ZAMSURECO I) to establish business alliances and possible partnership programs. ZAMSURECO I is the franchise electric distributor in the entire Province of Zamboanga del Sur comprising Pagadian City and 36 municipalities, and sources its power from the Mindanao Grid. Sealing the new partnership with a handshake are ZAMSURECO I general manager Jose Raul Saniel and DBP president and chief executive officer Reynaldo David. Others in photo are (from left) DBP senior vice president Jose Gonzaga Jr., ZAMSURECO I president Rogelio Mabanak, and DBP executive vice president Jesus Guevara II.

He also noted that the DBP is looking to prop up support to the Zamboanga area by financing projects amounting to P5.2 billion. He reported that DBP branches in Zamboanga City, Ipil, Dipolog, and Pagadian have combined to support P802 million to projects such as a water district, mini-hydro power plants, rice milling, public markets, hospitals, food processing facilities, ice plants, shipping, seaweeds processing, sardine canning, fish mill, poultry, school buildings, and paper recycling.

David also declared that DBP is eyeing to support six projects amounting to P580 million under its Sustainable Logistics Development Program in Zamboanga. These projects include ice plants, cold storage, and port facilities which should enable Mindanao-based farmers, livestock raisers, and fishermen to efficiently process, store, and deliver their commodities to various markets.

"With these projects, we expect that Mindanao processors can experience an improvement on their logistics and delivery system. These proposed facilities will reduce wastage and spoilage of goods, and enable the faster delivery of commodities to key areas like Metro Manila," he emphasized. (PIA-MMIO) [top]

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