Several projects earlier funded by P500M loan

Negros Occidental Governor Alfredo Marañon, Jr. yesterday signed a memorandum of agreement with Landbank First Vice President Elsie Fe Tagupa to borrow a P1.2 billion loan.

According to a provincial government press release, the projects expected to be funded by the loan include P900 million for the construction of the Provincial Administration Center; a P125 million upgrade of the Eleuterio T. Decena Memorial District Hospital in Hinoba-an; and P175 million for improvements on the Mambukal Convention Hotel and Tourist Lodge, Negros First Hotel, and Negros Food Terminal.

In December 2016, an earlier P500 million loan was also borrowed from the same lending institution to fund the said administration center, resort lodge, hotel, and food terminal.

Earlier reports quoted administration center construction at P186 million.

It was also previously noted, funding for the earlier loan was scheduled to be fully disbursed by this year, with repayment beginning between 2018 and 2019, pending expiration of the grace period on the initial loan./WDJ