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Saturday, November 06, 2004
Council authorized loan pact between City, Land Bank
By Aurea A. Gerundio
THE City Council authorized Friday the P990-million loan agreement between the city government and the Land Bank of the Philippines (LBP) to be used to fund Mayor Rodrigo Duterte's priority projects.
In an interview, Councilor Danilo C. Dayanghirang said Duterte met with the council members Thursday night mainly to discuss the loan.
"Appropriations of the loan for specific projects remain as it is despite plans of Mayor Duterte to set aside first the P350 million state-of-the-art traffic signalization system. The traffic system will still be improved pero wala na muna 'yung mga hi-tech equipment," Dayanghirang said.
Other appropriations from the loan include P160 million farm-to-market roads project, P250 million drainage improvement project, P100 million for the Land Development for Shelter and Urban Land Reform program and P130 million for the acquisition of infrastructure equipment.
Duterte earlier said he wanted these projects to start by January next year.
Duterte aims to complete the proposed projects before his term ends in 2007.
"In response to the clamor of our people and in line with our development thrusts and priorities, I have lined up these specific projects that I will start and finish before my term of office ends," Duterte promised during his oath of office in June.
Meanwhile, the approved resolution states that the local government can still contract other loans from any financial institutions provided that it is with prior consent from the LBP and for as long as it will not impair the local government's paying capacity during the duration of the loan.
The LBP, on the other hand, is authorized to set-off amounts from any deposits or funds of the local government "in case of default of loan payment."
But to ensure repayment of the loan, the local government will include in the annual budget the amount needed to service its loan and any interest thereon until it is finally paid.
(November 6, 2004 issue)
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