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The Maritime Industry Authority and the Development Bank of the Philippines are exploring financing programs to support construction of ships under a MARINA and Busan Marine Engineering Association project
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MARINA and BUEA in 2022 agreed to expand trade and business relationships in the field of shipbuilding and the maritime industry
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Shipping companies have expressed their interest to avail of the design offered by BUEA under the Integrated Ship Construction Support System Project
The Maritime Industry Authority (MARINA) and the Development Bank of the Philippines (DBP) are exploring financing programs that may support the local construction of vessels.
One such project is a partnership between MARINA and the Busan Marine Engineering Association (BUEA).
MARINA’s Shipyard Regulations Service and DBP officials met on March 21 to look into financing programs for the project, a day after the maritime authority and South Korean association discussed latest developments on their cooperation.
MARINA and BUEA in 2022 agreed to expand trade and business relationships in the field of shipbuilding and the maritime industry.
BUSEA is a shipbuilding and offshore engineering industry cooperation and association supported by the Korean government. South Korea is one of the top shipbuilding nations in the world.
BUEA ambassador to the Philippines Hyoungkyu Park, in a meeting with MARINA on March 20, said there are shipping companies that expressed interest to avail of the ship design offered by the association under the Integrated Ship Construction Support System Project, a fruit of the cooperation agreement.
MARINA administrator Sonia Malaluan also considered the proposal of BUEA to collaborate with another project that aims to develop a shipbuilding industry production technology and human resources training center in the Philippines.
This is to promote the improvement of the shipbuilding sector, as well as technological and human resource exchanges in order to achieve mutual growth between the Philippines and South Korea. In 2022, the MARINA Training Institute was inaugurated in Bacolod City.
Aside from BUEA, MARINA also signed a memorandum of agreement with the French Embassy in Manila that will strengthen maritime safety and security in the country by providing technical assistance, training and consultancy service.
Shipyard Association of the Philippines president Meneleo Carlos III earlier said they expect locally-constructed vessels to increase by 20% this year from 2022, with the growth coming from higher order books of big shipyards and construction of small boats.
