LBP, Maguindanao gov't ink heavy equipment financing package

MAGUINDANAO, Philippines - The Land Bank of the Philippines (LBP) and the office of Gov. Esmael Mangudadatu on Wednesday wrapped up a procurement package for heavy equipment the Maguindanao provincial government need for its infrastructure thrusts.

The deal is part of the tedious P1.9 billion loan application process, which the provincial government and the LBP bilaterally ventured in to sustain the peace and development efforts of the Mangudadatu administration in Maguindanao’s 36 towns.

Mangudadatu and LBP’s top official in Central Mindanao, Harold Celestial, signed at the provincial capitol in Buluan town on Wednesday the amortization matrix for the procurement of heavy equipment under the loan agreement.

The bank will release the payment of the heavy equipment to a duly accredited supplier, with lowest quotation for the set of heavy equipment, based on agreed financing protocols.

The provincial government’s P1.9 billion loan, approved about three months ago, is to be spent for heavy equipment, scholarship and poverty alleviation thrusts, dredging of oft-flooded, heavily-silted rivers crisscrossing the vast plains in the province adjacent to the 220,000-hectare Liguasan Delta.

A fraction of the amount loaned has also been allocated for many other programs meant to complement the socio-economic normalization process of the Malacañang’s Mindanao peace process.

Wednesday’s signing of the amortization package, as part of the procurement process for the heavy equipment to be financed by LBP, was witnessed by senior provincial officials led by the appointed deputy governor of Maguindanao, Ramil Dilangalen, provincial administrator Engineer Wahab Tunga, and the chief provincial budget officer, Lynette Estandarte.

Also present in the event was Nelson Ocampo Jr., Kidapawan City-based account officer of LBP.