The Bacolod City Sangguniang Panlungsod Committee on Laws, Ordinances, and Good Government announced a public hearing would be held surrounding the P1.7 billion loan the city government plans to borrow from the Development Bank of the Philippines.
“We see the importance and necessity of this loan to finance various priority projects of the city,” explained Bacolod City Councilor Caesar Distrito. “For purposes of clarifying some matters and for transparency, we will conduct a public hearing on this matter.”
The proposed loan is expected to finance the construction of the planned Bacolod MassKara Coliseum, developments for the Progreso Village relocation site and Bacolod City College, and construction and rehabilitation on city roads and bridges.
“The loans are [of the] immediate and utmost importance to our growing and fast-developing highly-urbanized city,” the city councilor affirmed.