MARINA, S. Korean group seek financing to boost local shipbuilding

By Raymond Carl Dela Cruz

March 22, 2024, 9:12 pm

MANILA – The Maritime Industry Authority (MARINA) and Busan Marine Engineering Association (BUEA) are looking into securing financing for their ‘Integrated Ship Support System Project.’

In a statement on Friday, MARINA said the MARINA-BUEA project is looking to partner with the Development Bank of the Philippines (DBP) to discuss possible financing programs that may support the construction of vessels under the project.

A MARINA and BUEA delegation visited the DBP office in Makati City on Thursday and met with DBP Vice President for Corporate Banking Group Raquel Atienza, DBP Assistant Vice President Jennifer Benedicto, and DBP Assistant Vice President Khaye Anzures.

To date, it said some shipping companies have already expressed interest in availing of ship designs offered by the BUEA.

The project is part of a cooperation agreement between MARINA and BUEA that seeks to develop the country’s maritime industry, particularly local shipbuilding.

In a meeting on Wednesday between MARINA Administrator Sonia Malaluan and, the BUEA also proposed collaboration on a project that aims to develop shipbuilding industry production technology and human resources training.

“This is to promote the improvement of the shipbuilding sector, as well as the technological and human resource exchanges to achieve mutual growth between the Philippines and South Korea,” MARINA said. (PNA)