The Sangguniang Panlungsod on Wednesday, January 18, granted Mayor Alfredo Abelardo Benitez authority to negotiate a loan for the Bacolod City government, Councilor Al Victor Espino said.
The mayor is aiming to negotiate for a not less than P5 billion loan with banks and other financial institutions for the acquisition of lots for land banking and other socio-economic projects deemed useful to the city, Espino said.
After the mayor negotiates with the financial institutions he will submit a report to the SP on the details and seek authority to sigh the contracts, Espino said.
The mayor is looking at a loan of not less than P5 billion, he said.
Bacolod City’s loan borrowing capacity has been upgraded to P5.7 billion by the Department of Finance, Espino said.*