Ouano reviews banks' terms and conditions

Mandaue City Mayor Thadeo Ouano is weighing up the terms and conditions submitted by two banks vis-a-viz the city's intended loan of P410 million that would be used to finance phase II of the new public market.

Once Ouano picks the bank of his choice, he would then inform the city council of his preference.

The mayor said both the Land Bank of the Philippines and the Development Bank of the Philippines have submitted their specifications, including the terms and conditions for the loan.

In January last year, the city entered into a memorandum of agreement with Rosal Infrastructure Builders for the construction of phase 1 of the public market for P93.8 million, which was already completed last year.

Phase I covered the drive piling and the putting up of columns and beams while Phase II will cover the construction of the city market structure and other facilities and amenities.

Ouano expects the public market to be finished by the end of the year.

The new market is located at the back of the Mandaue City Cultural and Sports Complex. All stores will be on the ground floor while the parking area will be on the second level.

Construction was delayed after the refusal of residents to leave the place. Some even resorted to go on hunger strike to stop the city from proceeding with its planned construction.

Three years ago, the old Mandaue City Public Market was destroyed by a fire that also affected portions of the St. Joseph Academy and the National Shrine of St. Joseph.

Market stalls are presently lined up along B. Ceniza and Zamora Sts. - Mitchelle L. Palaubsanon