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Bacolod gov’t seeks proposal of second bank for P5B loan

The Bacolod City government is waiting for the proposal of a second bank for a P5 billion loan it is set to avail of for various projects, Councilor Jude Thaddeus Sayson said Friday, February 17.

They already have the offer of the Development Bank of the Philippines and the Land Bank of the Philippines (LBP) has promised to submit its proposal by the end of February, Sayson, who chairs the Committee on Finance of the Bacolod Sangguniang Panlungsod, said.

Bacolod Mayor Alfredo Abelardo Benitez, Sayson and other city officials met with LBP representatives on Thursday. The mayor is seeking a second proposal so the city government can avail of the better offer, Sayson said.

They are aiming to avail of the loan by the end of March, he added. The Bureau of Local Government Finance is waiting for the city government to name the bank where it will avail of the loan, Sayson said.

The Department of Finance promised to grant the city authority to avail of the loan as soon as possible, he said.

Sayson said P2 billion from the loan will be used for land banking as the city needs property for a new sanitary landfill and materials recovery facility, a north cemetery, and relocation and future development sites.

Funds from the loan will also be used for the construction of a legislative building, larger health centers in six strategic barangays, road concreting and asphalting, and for road rights of way, he added.

The mayor also wants to transfer the City Engineer’s Office, along with its motorpool and stockyard at Barangay Taculing to another location so the Bacolod City College can expand, Sayson said.*

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