HINOBA-AN Mayor Ernesto Estrao said various projects will be covered by the P110 million worth of loan to be availed by the municipal government and the Provincial Government from the Municipal Fund Office of the Department of Finance (DOF).
Estrao said the P60 million will be used for the construction of the municipal public market to replace to the dilapidated public market built during the Marcos administration yet.
The P50 million will be used for the procurement of heavy equipment to develop the town’s road network to enhance the town’s tourism potential and farm-to-market roads.
To be acquired are back hoe, dump trucks, pay loaders, and similar equipment.
“We will avail the loan like other local government units for our projects. The DOF is offering a low interest at three percent per annum,” Estrao said.
The Capitol allocated the fund from the P1.4 billion loan from the MFO.