Bacolod can avail P4-B loan with Finance department

BACOLOD City Councilor Dindo Ramos Friday confirmed that Bacolod is entitled to apply a loan amounting to P4 billion with the Department of Finance (DOF) to funds the city priority projects.

Ramos, chairperson of the City Council committee on sports, said the DOF study showed that Bacolod is entitled to apply a loan of P4 billion which is based on the city's Internal Revenue Allotment (IRA) and local sources of funds.

"Bacolod is entitled to this loan because we have the financial capacity to pay," he said.

On Wednesday, Ramos submitted the documents to the DOF to negotiate a loan to fund the six flagships projects of Bacolod.

The City Council had earlier authorized Mayor Evelio Leonardia to explore and negotiate with the DOF-Mediumterm Development Fund (MDF) Financial Assistance or any government banking or financial institution to fund the city's projects.

The city's priority projects are the development of the Progreso Village Relocation Site (PVRS) and the Bacolod City College; the construction of Bacolod MassKara Coliseum; construction of roads and bridges; establishment of the South and East Transportation Terminals; and the Public Safety ICT Solution which includes traffic surveillance; virtual checkpoints; and electric police (E-Police) that is for auto-recognition of red light and licensed plates.

Ramos said that as soon as they comply all the requirements, the city will start to implement these projects, especially the Bacolod MassKara Coliseum.

The construction of the Bacolod MassKara Coliseum is seen to start within the year.

Councilor Caesar Distrito had earlier said that the Bacolod City MassKara Coliseum, as one of the projects, will not only be an iconic structure in the silent reclamation area, but will create another growth area and spur development in the city’s property but will also be another landmark for Bacolod and will promote sports, tourism, and culture.*

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