BY CHRYSEE G. SAMILLANO
The Bacolod City government has submitted its application for a P5 billion loan with the Development Bank of the Philippines (DBP) to the Bureau of Local Government Finance (BLGF)-Region 6 for approval, Bacolod Mayor Alfredo Abelardo Benitez said.
Benitez said they are just waiting for the clearance of the BLGF 6 in order for the city to secure the loan.
The members of the Bacolod Sangguniang Panlungsod had passed a resolution authorizing Benitez to negotiate for a loan and enter into an agreement for financing with the DBP “for the acquisition of lots and other socio-economic development projects that are deemed useful to the city.”
Councilor Al Victor Espino, author of the resolution, said the loan will be utilized for the acquisition of lots for the development of housing project; infrastructure projects (rehabilitation of existing facilities/construction of new facilities); port development; waterworks system.
Part of the loan will also be used for post corona virus disease (COVID) related projects; school buildings; computerization project; livelihood projects; purchase of equipment; road concreting; and other projects listed in the local government unit’s (LGU) annual development plan, Espino, chairperson of the SP Committee on Laws, Ordinances and Good Government, added.
Benitez said that the fund for the construction of a 3-storey legislative building worth P600 million will be sourced from the proceeds of the P5 billion loan.
Benitez had issued Executive Order 031, dated September 9, stating that there is a need to create a committee that will spearhead the identification and evaluation of real properties for possible acquisition by the city, in order to efficiently and effectively deliver basic services and facilities to the people of Bacolod.
The Bacolod City Land Banking Committee will be headed by the City Assessor as chairperson and the head of the SP Committee on Laws as vice chairperson, and members composed of the SP chairperson of the committees of Finance and on Government Assets, City Treasurer, City Engineer, City Planning and Development Officer, Bacolod Register of Deeds, and a representative from real estate developers.*
