Monday July 16, 2018

Capitol to obtain P1.4-B loan

SECOND District Board Member Salvador Escalante said Wednesday, June 14, that the Negros Occidental Provincial Government will avail a P1.406-billion from the Municipal Fund Office of the Department of Finance for the implementation of various projects.

Escalante, chairman of committee on appropriations, budget, finance, ways and means, said the loan application has been approved by the Provincial Board and the Provincial Development Council.

Projects to be funded include farm-to-market roads all amounting to P609 million for Salvador Benedicto, Toboso, Manapla, Murcia, Pontevedra, Binalbagan, Hinigaran, Cauayan, E.B. Magalona, San Carlos City, Escalante City, Cadiz City, Victorias City, Talisay City, Silay City, Himamaylan City and Kabankalan City.

Breakwater and Dredging of Port in Sagay City, P86 million; Construction of Government Center for Toboso, P30 million; Hospital Upgrading in Calatrava, P40 million; Construction of Public Markets for Bago City, San Enrique, La Castellana, Hinobaan and Candoni, P318 million; Bridge Construction in Isabela, P60 million; Construction of Multi-Purpose Building at the Capitol Compound, P50 million; Purchase of Heavy Equipment, P128.4 million; and ICT Projects of Capitol, P85 million.

The projects based on the approved resolution are among the priority projects of the Provincial Government as indicated in its Executive Legislative Agenda for the year 2017-2019 and 2017 Annual Investment Program.

Escalante said the Capitol will avail the loan with three percent interest per annum fixed for 15 years.

“These will be the source of fund of the province to answer the requests which the Capitol cannot fund out of local resources,” he added.