For construction of people’s center: Banks willing to lend money to Mandaue

CEBU, Philippines - Four banks have shown interest in extending loans to Mandaue City government for the construction of the” People’s Center.”

Mandaue City Mayor Jonas Cortes, during an interview with reporters, said that after the city announced that it will build a “People’s Center which will house city hall offices, national agencies, and commercial establishments in the city, these four banks have been calling him to express their intention to provide the city with loans for the construction of the building which is estimated to cost from P800 million to P1 billion.

“Getting loans from banks will not be a problem, especially with the city’s increasing assets,” Cortes said.

The People’s Center will be constructed at the old public market located in barangay Centro and he believes that this building will be finished before his last term ends.

Cortes said since his first term of office, the city has been acquiring properties, especially land.

Cortes said the city has strengthened its partnerships with the private sector, such as the Cebu Contractors’ Association, which provides the city with filling materials for free to develop the lots which the city had acquired.

During his inaugural address last Wednesday, Cortes said building the Mandaue City People Center and a reclamation development called the Mandaue Global Central Project are the major projects he will pursue in his last term.

He envisions the Mandaue City People Center as a one-stop shop for investors.

Aside from city hall, the building will house local branches of national government agencies and the City Investment Promotions Action Center. (FREEMAN)