CARCAR City Mayor Nicepuro Apura is confident that the Provincial Board will not “politicize” their application for a loan worth P265 million for the construction of a sports complex.
Carcar’s Resolution 86, which confirms the city’s loan to the Development Bank of the Philippines, is currently being reviewed by the PB.
Apura believes that the loan they are applying before the DBP is above board.
“Even before the PB has undergone its review, we studied the loan proposal carefully. We are capable of paying off the loan,” Apura said in Cebuano.
Apura also believes that the PB will not hinder their loan application due to political reasons.
Two years ago, Carcar’s loan application for P600 million was questioned by former PB member Raul “Yayoy” Alcoseba, adding that the City has no capability to pay it off.
Despite Alcoseba’s questions, the loan was eventually approved by the PB.
Resolution 86 seeks to authorize Apura and the city treasurer to borrow P265 million from the DBP. According to the loan’s conditions, Carcar City will pay off the loan in 15 years with five percent interest (not 5.5 as earlier reported) per annum. (JKV)