THE City Government of Bacolod already submitted its P5 billion loan proposal with the Development Bank of the Philippines (DBP) for the acquisition of lots and other socio-economic development projects.

Mayor Alfredo Abelardo Benitez said yesterday, December 12, that they submitted their documents to the Department of Finance (DOF).

“We will wait for the response of the DOF so that we can secure a loan,” he said.

The City Council earlier authorized Benitez to negotiate a loan and enter into an agreement for financing with the DBM for the implementation of the city’s projects.

Based on the approved investment plan (AIP) of Bacolod, aside from acquisition of lots and other socio-economic development projects, the loan will also be utilized for infrastructure, port development, waterworks programs and post coronavirus disease (Covid-19) projects.

It will also be intended for the construction and repair of school buildings, computerization and livelihood projects, purchase of equipment, road concreting, and other projects listed in the city's annual development plan.

Councilor Al Victor Espino, chairperson of the City Council committee on finance, earlier said the City Government has a capacity to pay its loan in spite of its existing loan by the previous administration.

“If this (loan) will materialize , the funds are intended for the development and projects for Bacolod City which we have already discussed with the members of the council, department heads and the executive body of the local government unit (LGU),” he said.