Bacolod City applies P1.7B loan

Posted by watchmen
July 14, 2018
Posted in HEADLINE

By Dominique Gabriel G. Bañaga


After the Bacolod City Sangguniang Panlungsod (SP) authorized Bacolod City Mayor Evelio Leonardia to negotiate with the Department of Finance for funding last May, the city government is formally applying for a P1.7 billion loan in order to fund four “flagship projects.”

Based on documents forwarded to Watchmen Daily Journal, the projects include construction of the 10,000-seater Bacolod MassKara Coliseum, which would cost P800 million; Bacolod City College enhancements amounting to P350 million; development for the Progreso Village relocation site costing P350 million; and P200 million worth of various road and bridge projects.

Last May, other matters considered “flagship projects” included establishing south and east transportation terminals; and setting up public safety solutions, which include traffic surveillance, virtual checkpoints, among other items.

The loan, if approved, carries a three percent interest rate, which Bacolod City Councilor Caesar Distrito called “minimal.”

Meanwhile, Bacolod City Councilor Claudio Jesus ‘Kalaw’ Puentevella was the lone vote opposing the measure, explaining, more time is needed to review the plans before entering into a loan.

He said the SP always seems to be in a rush to approve millions or billions of pesos worth of projects, adding, matters regarding the loan were not included in their initial agenda and was added minutes before adjourning./DGB, WDJ


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