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Friday, October 28, 2005
Escalation of prices won't affect projects
THE increase in prices of almost everything can not adversely affect Davao City's various projects being funded by the P900 million loan of the City Government from the Land Bank of the Philippines.
This was the assurance of Mayor Rodrigo R. Duterte, saying most of the materials and equipment needed in the various projects have already been purchased and are due for implementation.
Speaking during the Ato ni Bay radio program simulcast by close to a dozen radio stations, Duterte that if at all that the loan interest would be affected slightly by the escalation of prices and cost of money, the change will be minimal.
The Land Bank loan is intended for huge infrastructure projects such as networks of farm to market roads, drainage and traffic synchronization, among others.
City Administrator Wendel A. Avisado confirmed the mayor's statements saying that any escalation in interest of the loan will not be more than 16 percent at the most.
"But this will only happen when there is compelling reason for such an increase and only if approved by the Bangko Sentral ng Pilipinas," Avisado told this writer. (AMA)
For Bisaya stories from Davao. Click here. (October 28, 2005 issue)
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