Bacolod City, DBP execs ink P4.4B loan agreement

By Dolly Yasa

BACOLOD City – Bacolod City government officials headed by Mayor Alfredo Benitez and Rep. Greg Gasataya together with top officials of the Development Bank of the Philippines (DBP) signed on Thursday a P4.441-billion loan agreement.

This, after the Bacolod Sangguniang Panlungsod on Wednesday approved a resolution authorizing Benitez to sign the loan documents.

The ceremonial signing of the loan agreement was held Thursday afternoon at the lobby of the Bacolod City Government Center.

Also at the signing ceremony was Vice Mayor El Cid Familiaran while DBP was represented by its Chief Executive Officer Michael de Jesus and Board of Director Roberto Antonio.

Councilor Al Victor Espino said that what they approved are the conditions of the loan and the projects and programs to be funded by the loan.

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 city (up to P1.5 billion);

-Construction of a legislative building (up to P515 million);

-Construction/improvement of mini hospitals for five barangays (up to P135 million);

-Rehabilitation/improvement of City Hall (up to P223 million);

-Improvement/rehabilitation of public markets (up to P525 million);

-Construction/improvement of various roads (up to P270 million);

-Construction/improvement of various drainages (up to 300 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 P50 million);

-Construction/improvement of City Health Complex (up to P220 million);

-Recovery and Recycling Complex and Eco Park (up to P103 million);

-Furniture and equipment (up to P279.300 million);

-Construction/installation of solar power generating system of various barangays and the BCGC (up to P100 million); and

-Construction of traffic signalization (up to P25 million).

Espino also said that the construction of the legislative building is one of their priority projects.

He recalled that one of the campaign promises of Bacolod Rep. Greg Gasataya since his first year was the delineation of Bacolod into two legislative districts.

Earlier, Benitez said that all city government projects that will be funded by the loan will undergo the scrutiny of the Sangguniang Panlungsod.

Benitez added that he opted for DBP because “they gave the best rate, they are the most advantageous to the local government in terms of rate and conditions and Councilor Al Victor Espino and Councilor Thaddy Sayson said the city government will be saving P17 million in yearly interest at the end of the day, the rates are the best.”

He added that the list of 20 projects that will be undertaken using the loan, which included the rehabilitation of the old city hall in the downtown area, is a temporary list.

“My arrangement with the city council is that nga ang tanan nga projects ginkuhaan sang loan ipaagi ko sa ila for their scrutiny, I will abide by their decision,” he said.