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Manila Bulletin devider Philippines devider Luzon devider Bacolod obtains P4.4-B loan from DBP to fund projects

Bacolod obtains P4.4-B loan from DBP to fund projects

Published Apr 28, 2023 03:57 am
BACOLOD CITY – The city government has obtained a P4.4-billion loan from the Development Bank of the Philippines (DBP) to fund priority projects.

THE city government of Bacolod has obtained a P4.441-billion loan from the Development Bank of the Philippines to fund priority project. The loan agreement was signed by Rosemarie  Callanta, DBP first vice president; George Inocencio, DBP executive vice president; Michael de Jesus, DBP president and CEO; Mayor Alfredo Abelardo ‘Albee’ Benitez, Roberto Antonio, board of director of DBP; Bacolod Rep. Greg Gasataya, Vice Mayor El Cid Familiaran, and DBP officials lawyer Teodorico Fernandez and Bernardo Castillion Jr. on Thursday, April 27, at the Bacolod City Government Center. (Photo courtesy of Albee Benitez via Facebook)
Mayor Alfredo Abelardo “Albee” Benitez and DBP President and Chief Executive Officer Michael de Jesus signed the loan agreement on Thursday, April 27, along with Bacolod Rep. Greg Gasataya, Vice Mayor El Cid Familiaran, and other DBP officials at the Bacolod City Government Center (BCGC). Benitez said the loan has a highly favorable interest rate of 3.55 percent per annum, making it the best deal in town. It is payable in 15 years with a three-year grace period in the principal, according to DBP. “I would like to express my gratitude to DBP for providing us with the lowest interest rate in the country and possibly even in the ASEAN (Association of Southeast Asian Nations) region,” Benitez said. He said the city government had earlier sought a P5.5-billion loan which the Department of Finance (DOF) approved but was lowered to P4.441 billion because of the  reduction in the city’s national tax allotment (NTA) share this year. The city council authorized the mayor to sign the P4.441-billion loan agreement a day prior to the signing. Benitez said that this loan represents an important milestone for the city as it will support its plans and projects to remain at the forefront of development ultimately benefiting the people of Bacolod. He said the loan will be used for the construction of the legislative building, markets, mini-hospitals, land banking, and solid waste management recycling facilities. Benitez assured residents that every project implemented will be aligned with their best interests. “I assure you that every peso taken out of this loan will be used judiciously,” the mayor said. De Jesus thanked city officials for giving them an opportunity to serve them.

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loan Development Bank of the Philippines (DBP) Bacolod City Mayor Albee Benitez
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