Bacolod City Mayor Albee Benitez led the signing of P4.4 billion loan agreement with the executives of Development Bank of the Philippines (DBP) to finance his 17 developmental projects that will help invigorate the local economy of the city, in simple rites held at the lobby of the Bacolod City Government Center (BCGC).
“This ‘game changer’ deal is the best deal in the country and even in the ASEAN (Association of Southeast Asian Nations) region with only 3.55 % interest rate per annum,” Benitez said.
“I would like to express my gratitude to DBP for providing us with the lowest interest rate in the country and possibly even in the ASEAN region.”
“I would like to express my gratitude to DBP for providing us with the lowest interest rate in the country and possibly even in the ASEAN region,” the mayor added.
Approved lined-up projects include lot acquisition to be utilized for various ‘mega projects’ worth P1.5 billion, construction of legislative building worth P515 million, construction and improvements of mini-hospitals for five barangays, P135 million; rehabilitation of Old City Hall, P223 million; rehabilitation of public markets, P525 million and improvements of various city roads, P270 million.
Also in the list is the construction of various drainage systems worth P300 million, asphalt overlay, P50 million; construction of Bacolod Warehouse, P67.9 million; construction of city engineering motorpool area, P30.8 million; improvement of Tree Park in Brgy. Alangilan, P47 million, and construction of a pedestrian mall, P50 million.
Other priority projects to be implemented are: construction of City Health Complex worth P220 million, Recovery and Recycling Complex and Eco-Park, P103 million; furniture and equipment, P279.3 million; installation of solar-powered generating system of BCGC and various barangay, P100 million, and construction of traffic signalization worth P25 million.
“As a co-equal branch, the Sangguniang Panlungsod will thoroughly review and scrutinize every project that will pass through them before its implementation for transparency,” Benitez explained.
“Every peso taken out of this loan will be used judiciously.”
“I assure you that every peso taken out of this loan will be used judiciously…and aligned with the best interest of every Bacolodnon,” he concluded.
