By Genivi Factao

CAGAYAN DE ORO— NDC Maritime Leasing Corp. is allocating P2.04 billion to buy 24 vessels it plans to buy for its lease program, a 200 percent jump from this year’s target credit funding.

NDC Maritime owned by Development Bank of the Philippines (DBP) offers ships for leasing.

Its credit facility of P680 million for 8 vessels will jump by 100 percent to P1.36 billion for acquisition of 16 vessels and to P2.04 billion for 24 vessels by 2012.

The P85 million- brand new vessel and 15 years old or younger will be given 5-year exclusivity status for missionary routes.

President Arroyo during the 2- day Strong Republic Nautical Highway (SRNH) conference ordered Finance secretary Margarito Teves to instruct the DBP not to limit the program to missionary routes but also allow credit worthy RoRo points.

Philippine Ports Authority (PPA) general manager Oscar Sevilla earlier said that NMLC should allow RoRo operators to choose the routes where they can earn profit.

Last year, NMLC has difficulty marketing its program due to limited funds until DBP, which also offers RoRo loans under its Sustainable Logistics Development Program (SLDP) acquired NMLC.