The Bacolod City government is availing of its P5.5 billion loan from the Development Bank of the Philippines because it has offered the lowest interest rates, Councilor Jude Thaddeus Sayson, Sayson, Sangguniang Panlungsod (SP) Committee on Appropriation and Finance chair, said.
The Bacolod SP approved a resolution on Wednesday, March 29, granting Mayor Alfredo Abelardo Benitez authority to give his conformity to the Term Loan Facilities approved by DBP in the amount of P5.5 billion.
“We granted the mayor the conformity to submit DBP as the bank of choice of Bacolod City to the Bureau of Local Government Finance (BLGF),” he said.
After the BLGF releases its approval the city can then go ahead and avail of the loan with DBP, Sayson said.
The projects listed by the DBP in its notice of approved facilities for financing are:
- Acquisition of lots to be utilized for various development projects of the LGU (up to P2.008 billion);
- Construction of legislative building (up to P515 million);
- Construction/Improvement of mini hospitals for five barangays (up to P135M);
- Rehabilitation/improvement of Old City Hall (up to P223 million);
- Improvement/rehabilitation of public markets (up to P525 million);
- Construction/improvements of various roads (up to P300 million);
- Construction/improvements of various drainages (up to P320 million);
- Asphalt overlay of various roads (up to P50 million);
- Construction of Bacolod warehouse (up to P67.9 million);
- Construction of City Engineering Motorpool Area (up to P30.8 million);
- Improvement of Tree Park at Brgy. Alangilan (up to P47 million);
- Construction of Pedestrian Mall (up to P5O million);
- Construction/Improvement of City Health Complex (up to P220 million);
- Recovery and Recycling Complex and Eco Park (up to P103 million);
- Construction of Central Archives (up to P184 million);
- Construction of underground cabling (up to P300 million);
- Construction/Installation of Solar Power Generating System of various barangays and Bacolod City Government Center (up to P100 million);
- Construction of traffic signalization (up to P25 million);
- Construction of street lights (up to P25M); and
- Furniture and equipment (up to P279.3 million).*