TO FINANCE the construction of a P400-million public market in Moalboal, southwest Cebu, the town’s executive is in talks with Land Bank of the Philippines (Landbank) for a loan agreement.

Mayor Inocentes Cabaron believes a new public market will boost the economy of the tourist town and generate jobs for locals.

The proposed new public market will have 91 stalls and over 2,500 square meters of leasable space, with four marquee 100-square-meter stalls and a 500-square-meter tabo area. It is expected to boost the economy of Moalboal and generate job opportunities for locals, the municipal government said in a press statement.

In a recent meeting with department heads, barangay officials, members of the Municipal Council and other local stakeholders, representatives from Landbank revealed that Moalboal has a credit ceiling of P600 million.

The credit ceiling will be issued by the Department of Finance’s (DOF) Bureau of Local Government Finance, as part of DOF Secretary Benjamin Diokno’s initiative to encourage local government units to take out loans for capital investment.

In November 2022, Diokno expressed his disappointment that only 62 percent of LGUs had taken out loans since 2017.

To recall, in 2020, then DOF secretary Sonny Dominguez encouraged local chief executives to tap into Landbank’s P300-billion credit facility to help the country recover economically from the Covid-induced financial crisis.