Baguio city: An official of the state-owned Development Bank of the Philippines (DBP) announced that the bank is prepared to provide funding for the redevelopment of Baguio City's 110-year-old public market. This development follows the withdrawal of a proposal by a private firm for a public-private partnership (PPP) on the project, reportedly due to growing opposition.

According to Philippines News Agency, DBP President and Chief Executive Officer Michael de Jesus stated that the bank is ready to finance the construction of a multi-story market building aimed at improving Baguio City's public market. The financing could be facilitated through DBP's Assistance for Economic and Social Development (ASENSO) Program, which is designed to expedite infrastructure and socio-economic development for local governments.

De Jesus emphasized the bank's commitment to support the redevelopment project, highlighting DBP's role in fostering local government initiatives that promote economic growth, modernize public infrastructure, and support micro, small, and medium enterprises (MSMEs). Additionally, he expressed the bank's ongoing support for Baguio City's leadership in executing projects that benefit its residents and noted the potential for further collaboration with other local government units on socio-development programs.