City Hall, Land Bank ink P540M loan for city projects

Mayor Lucilo Bayron (2nd from right) and Land Bank of the Philippines officials sign the loan agreement to commence various city projects.

The Puerto Princesa City government and the Land Bank of the Philippines yesterday signed a P540 million loan agreement that will fund various projects in the city.

 

The loan will fund the P300 million purchase of heavy equipment for the city’s infrastructure projects, P150 million for the construction of the new public market at the the Baywalk and the remaining P90 million will be for the development of the Baywalk park.

 

Bayron said that the amount will be the initial loan as he intends to secure another loan from LBP.

 

The net borrowing capacity of Puerto Princesa City is more than P10 billion, the mayor pointed out.

 

The rise in the borrowing capacity of the city, he said, is due to the increase in the city’s income. It has dutifully paid its other loans and it  managed to reduce the interest rates of these loans.

 

The next planned loan will still be approved by the Sanggunian Panlungsod, he added.

 

“Sana naman maging maganda ang implementation nito ng sa ganun ay mapakinabangan natin ng matagal itong mga equipment at mga gagawing sub-projects,” Bayron said.

 

The signing was attended by city officials led by Bayron and LBP officials.

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