LOAN AGREEMENT. Bacolod City Mayor Alfredo Abelardo Benitez (2nd from left) and Development Bank of the Philippines president and chief executive officer Michael de Jesus (left) show the signed P4.441-billion loan agreement in rites held at the Bacolod Government Center lobby on Thursday afternoon (April 27, 2023). Witnessing the signing ceremony were Lone District Greg Gasataya (right) and DBP Director Roberto Antonio (2nd from right). (Photo by Nanette L. Guadalquiver)
BACOLOD CITY – The city government here has obtained a P4.441-billion from the Development Bank of the Philippines (DBP) to finance 17 developmental projects that will stimulate the local economy towards its recovery from the Covid-19 pandemic.
Mayor Alfredo Abelardo Benitez and DBP president and chief executive officer Michael de Jesus signed the loan agreement in rites held at the Government Center lobby on Thursday afternoon.
“The fastest way to pump prime the economy is through expenditures in infrastructure. The national government has said it is one of strategies they have adopted. We will also do the same,” Benitez said.
He noted the city council have agreed that the city government borrow funds to ensure rapid economic development instead of waiting for the money to enter the city’s coffers before implementing these projects.
“We all agreed that is better to take the bull by the horns. This is the reason why we have this loan with the DBP. We want to be at the helm of economic development,” Benitez said.
The projects include lot acquisition worth PHP1.15 billion; construction of legislative building, PHP515 million; construction/improvement of mini hospitals in five barangays, PHP135 million; rehabilitation/improvement of Old Hall, PHP223 million; improvement/rehabilitation of public markets, PHP525 million; construction/improvement of various roads, PHP270 million; construction/improvement of various drainages, PHP300 million; and asphalt overlay of various roads, PHP50 million.
Others are construction of Bacolod warehouse, PHP67.9 million; construction of city engineering motorpool area, PHP30.8 million; improvement of tree park in Barangay Alangilan, PHP47 million; construction of pedestrian mall, PHP50 million; and construction/improvement of City Health Office complex, PHP220 million.
Also in the list are recovery and recycling complex and ecopark, PHP103 million; furniture and equipment, PHP279.3 million; construction/installation of solar power generating system of various barangays and Bacolod City Government Center, PHP100 million; and construction of traffic signalization, PHP25 million.
De Jesus thanked the city government for giving the DBP the opportunity to serve Bacolod.
“We value you as a client. We value the relationship and we will continue to provide you with the level of service that you expect from us and that you deserve,” he added.
Bernardo Castillon Jr., senior manager of DBP Bacolod Lending Center, said they gave Bacolod the “best and lowest” interest rate at 3.55 percent per annum payable for 7 to 15 years. (PNA)
