THE Provincial Government of Negros Occidental is set to pay P18,111, 919.01 to the Development Bank of the Philippine (DBP) as loan amortization for the construction of Phase II of the Negros First Cyber Centre (NFCC) in Bacolod City.
The Provincial Board approved during its regular session Wednesday a resolution granting authority to Provincial Treasurer Nilda Generoso to source the amount for payment from the 20 percent Provincial Development Fund under the 2016 Annual Budget.
Second District Board Member Salvador Escalante Jr., chair committee on finance, budget and appropriation, said the amount is originally not included in this year’s budget.
However, since the Provincial Government deemed it necessary to immediately pay the loan which due was last December 28, 2015, it will be taken from the province’s current amortization fund amounting to P195 million.
“The P18.1 million as payment for loan amortization from P195 million will later be replenished through a supplemental budget request,” Escalante said, adding that the approved amortization fund has already been allocated for specific payments thus, additional budget is needed.
The province obtained a loan with DBP in 2013. It has made three separate withdrawals on June 28, 2013, March 28, 2015, and September 28, 2015. (EPN)