DBP loan jumpstarts missionary route in Luzon

Manila (20 July) — State-owned Development Bank of the Philippines (DBP) and the Northeastern Luzon Pacific Coastal Service, Inc. (NLPCSI) signed recently a P64.7 million loan agreement to finance the acquisition of two ferry vessels that will ply the missionary route in northeastern Luzon.

The ferry vessels will serve the provinces of Cagayan, Isabela, and Aurora, providing an affordable, reliable and convenient mode of transportation to move passengers, agricultural and marine products from coastal towns to mainland markets.

DBP president & chief executive officer Reynaldo G. David said the initiative is in line with DBP’s flagship project, the Sustainable Logistics Development Program (SLDP) and supports the national government’s Strong Republic Nautical Highway.

He added that the opening of a missionary route will improve economic conditions and harness the tourism potential of northeastern Luzon, subsequently generating more employment opportunities for residents of coastal towns in the area.

NLPCSI president and chief executive officer Sec. Jose Mari Ponce, who is also administrator of the Cagayan Economic Zone Authority (CEZA) said the initiative will link two economic zones — the Aurora Economic Zone and the Cagayan Free Port. He expressed optimism that the initiative will boost economic activity in the three provinces.

Isabela Governor Ma. Gracia Padaca, on the other hand, said the project will also help in promoting eco-tourism in the area while supporting the campaign against logging activities in the Sierra Madre mountain range.

The project supports the Road Roll-on Roll-off Terminal System which is one of the three components of DBP’s Sustainable Logistics Development Program (SLDP). This is an investment financing facility for a comprehensive and integrated transportation system as well as related infrastructure and support services. The other components are the bulk grains highway which facilitates the transport of corn from Mindanao to Northern Luzon, while the cold chain highway is aimed at re-engineering the logistics system for perishables.

Founded in 2003, NLPCSI was formed by the provinces of Aurora, Isabela, and Cagayan, and the CEZA to establish a RORO system along the northeastern coast of Luzon. (PIA)

photo credit: Jun Acullador