LANDBANK, Barili LGU sign P200-M loan for modern public market

BARILI, Cebu – The Land Bank of the Philippines (LANDBANK) and the Municipal Government of Barili recently inked a P200-million loan agreement to finance the construction of a modern public market that will support the livelihood of agricultural producers in the municipality.

The LANDBANK loan will be used to replace the existing dilapidated public market with a new infrastructure that will be divided into three major structures. Two buildings will accommodate the dry goods section, while another building will house vegetables, fruits, and wet goods such as meat and fish. There will also be a covered parking area on the second floor.

The new public market is expected to benefit 5,222 farmers and 1,900 fishers in the area with a more conducive and spacious venue to sell their produce.

“LANDBANK fully supports initiatives that promote the growth and development of local entrepreneurs and agri-producers. We are one with our local government partners in ramping-up efforts towards serving their constituents and building stronger and more resilient local economies,” said LANDBANK President and CEO Cecilia C. Borromeo.

Barili Mayor Julieto N. Flores is banking on the new public market to boost economic activity and attract more investments in the 2^nd class Municipality, as more business establishments recover from the impact of COVID-19.

“We will demolish the old Barili public market and construct the modern public market within one year, and we thank LANDBANK for supporting our plans and programs for the development of our Municipality as we recover from the pandemic,” said Barili Mayor Flores.

In 2019, LANDBANK also financed the construction of the Mantalongon Livestock Auction Market for the traders in the locality, as well as from the neighboring provinces of Negros Oriental and Leyte. The Mantalongon Livestock Auction Market is currently the biggest livestock auction market in Cebu and the whole of Visayas.

LANDBANK continues to extend necessary credit assistance to local government units (LGUs) to spur recovery and inclusive economic development in the countryside. As of November 2021, LANDBANK has extended P63.96 billion in outstanding loans to LGUs nationwide.