BACOLOD City Mayor Evelio Leonardia on Wednesday revealed that there is someone opposing their loan with the Department of Finance (DOF)-Municipal Development Fund Office.
The P1.7 billion loan is intended to fund the city’s flagship projects.
Leonardia said it was Finance Secretary Carlos Dominguez III, whom he met at Makati recently, who told him that someone is opposing their loan application.
“Apparently, those who have political agenda are the ones doing that,” he said.
Leonardia added that he will announce the name of the complainant at the DOF when it becomes an official which he considered it as sabotage on the administration.
The City Council had earlier approved the request of the mayor authorizing him to apply for a loan with the DOF amounting to P1.7 billion to fund the city’s flagship projects.
The approved measure was for the application of the P1.7 billion loan to finance the city’s flagship projects - Progreso Village Relocation Site, P350 million; Bacolod City College Site Development and Facilities, P350 million; construction of Bacolod MassKara Coliseum, P800 million; and the construction of roads and bridges, P200 million.
Leonardia said they will take the step-by-step process to comply with the requirements.
He said these projects are meant for the betterment of Bacolod like the relocation site, Bacolod City College; the construction of MassKara Coliseum; and the construction of roads and bridges.
“It is practical and it is the right thing to do if you borrow money because even Dominguez said that if you have the borrowing capacity and you do not invest, that is criminal,” he added.
Leonardia noted that this is a classic case of why you put off for tomorrow what you can do today.
The mayor disclosed that these projects were part of the Comprehensive Development Plan for 2017-2023 of the City that was approved by the City Development Council (CDC) last April 2017 and was also approved by the City Council last year.
Earlier, former mayor Monico Puentevella, his son Councilor Claudio Puentevella, and Councilor Ricardo Tan had expressed their opposition on the plan of the city to apply for a loan.
The former mayor said the City Government should pay first the existing loan before getting a new loan.
He said the city has an existing loan for the constructions of the Government Center in 2007, the acquisition of Felisa Landfill and the Arao Property in 2009 with the total amount of P683.8 million, which will be paid until 2022.