BACOLOD CITY, Philippines — Governor Alfredo Marañon Jr. has signed four loan agreements amounting to P239.2 million between the Negros Occidental provincial government and the Land Bank of the Philippines (LBP) for various infrastructure projects.
Other signatories to the loan agreements were LBP-Bacolod branch head Richielieu Belicena, LBP-Bacolod Lending Center head Jeffrey Maningo, and Negros Occidental Provincial Administrator Enrique Pinongan.
With the approval of these new loans, the total loans of the provincial government with LBP now rose to P515.2 million, from the previous amount of P276 million.
Marañon said the loans are under the approved drawdown of P530 million, which is part of the P1.5-billion credit limit of the provincial government with LBP. Interest rate is at 5 percent per annum payable in 10 years, he said.
The governor said the new loans in the aggregate amount of P239 million will be used for the following infrastructure projects:
1) P65.3 million for the renovation and construction of the five-storey Cadiz District Hospital, including the cost and installation of elevator and fire sprinkler system;
2) P105 million for the construction of the two-storey Sipalay District Hospital with 74-bed capacity;
3) P27.3 million for the construction of seven room cottages in Mambukal Resort; and
4) P41.6 million for the concreting of farm-to-market roads itemized as follows:
a) P11.4 million for the three-kilometer Pulopangyan-Pasto-Salvation road with 12 units cross drainage in Brgy. Pulopangyan and Brgy. Magticol in Toboso;
b) P10.2 million for the 2.5-kilometer Crossing Unggoy-Mag-aso-Sitio Mainit road with 16 units cross drainage and three units overflow bridge in Brgy. San Isidro in Toboso;
c) P9.9 million for the 1.25-kilometer Tabu-Tapi Road in Brgy. Tabu Ilog; and
d) P9.9 million for the 1.25-kilometer Tumina Road in Brgy. Tumina Cauayan.
These infrastructure projects to be financed by the loans have counterpart funds from the respective congressional districts, and works for these several projects have already started, said Marañon.
The Provincial Board has approved Resolution No. 0986 that ratified and confirmed the terms and conditions of the new million loan agreements during its regular session last Wednesday.
In an earlier press briefing, Maningo said the total loans of the provincial government could reach to more than P800 million once its other loan applications are approved, citing the pending application for a P200 million loan.
Manuel Jose Infante, vice president of LBP-Region 6, said LGUs are granted loan facilities based on their net borrowing capacity which is based on the LGU's 20 percent Economic Development Fund. (FREEMAN)