Bank offers to finance new City Hall parking lot
Wednesday, July 28, 2010
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DEVELOPMENT Bank of the Philippines (DBP) has offered to shoulder the purchase of an adjacent lot of the new City Hall, which is presently under construction, in front of Plaza Libertad in Iloilo City.
Mayor Jed Patrick Mabilog said the DBP officials came to his office on Wednesday to offer P35 million loan facility for the purchase of some 3,000 square meter lot owned by British firm Kerr and Co. at seven percent interest rate per annum.
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The British firm has abandoned the property and offered it to the City Government at P11,000 per square meter.
Mabilog said the City Council has already approved his request for a new design of the City Hall project, particularly the third floor earlier earmarked as parking space for government vehicles.
He said the third floor will be used as offices of the city and was reserved as office space for new officials should the city is divided into two congressional districts.
Construction of the new City Hall costs P450 million, with loans from the Land Bank of the Philippines. (LCP)
