State-owned Development Bank of the Philippines (DBP) is stepping in to revive the stalled redevelopment of Baguio City’s 110-year-old public market, after a private firm withdrew from the project, potentially clearing the way for a long-delayed upgrade of the city’s main trading hub.

In a statement on Friday, DBP President and Chief Executive Officer Michael O. de Jesus said the bank is ready to finance the construction of a new multi-story complex to replace the aging structure, which has been rebuilt several times since 1913.

“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,” he added.

De Jesus said the project could be financed through the bank’s Assistance for Economic and Social Development (ASENSO) Program for local government units, which supports infrastructure and socio-economic development initiatives.

He said that as of 30 November 2025, DBP had approved more than P165 billion in credit assistance to LGUs for projects in education, public health, access and mobility, disaster mitigation, and public security, among others.

“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.

To recall, a private firm behind the public-private partnership proposal pulled out after facing mounting opposition from stakeholders.