The Bacolod City Council ratified on Monday the term loan agreement for the P1.7-billion loan window to be availed by the City of Bacolod from the Development Bank of the Philippines. (Photo by Nanette L. Guadalquiver)
BACOLOD CITY -- Mayor Evelio Leonardia has assured Bacolodnons that his administration will be transparent in the utilization of the PHP1.7-billion loan from the Development Bank of the Philippines (DBP) for the city’s four flagship projects.
Leonardia gave the assurance after the City Council ratified on Monday the term loan agreement and continuing deed of assignment with hold-out agreement between the City of Bacolod and the DBP represented by Negros Occidental Lending Center head Bernardo Castillon.
“There is nothing there that is being hidden. You are free to get copies of the (loan agreement). The fact that it was submitted to the Sangguniang Panlungsod was already an act of transparency,” the mayor said in an interview.
He said the copy of the loan agreement, which is with the City Council, can be viewed by the public.
The loan will be used for the PHP800-million construction of Bacolod MassKara Coliseum with outdoor arena, PHP350-million development of Progreso Village Relocation Site, PHP350-million Bacolod City College Site Development and Facilities, and PHP200-million construction of roads and bridges.
The mayor thanked the councilors who voted for the ratification of the contract, pointing out that these projects would not be realized without the support of Vice Mayor El Cid Familiaran and members of the City Council.
“These projects are meant really to improve our day-to-day life in Bacolod. These will have a long-term effect on the City of Bacolod,” he added.
Leonardia said that after the City Council ratified the loan agreement, the next step would be the approval of the appropriation ordinance.
Once the funding is available, the bidding process can proceed, he added.
“The maximum loan we can avail of is PHP1.7 billion. For sure, it will not be PHP1.7 billion in the end,” the mayor added.
Leonardia also noted that the Bacolod MassKara Coliseum will be positioned as an income-generating project since commercial spaces will be available within the building.
“The commercial spaces will boost the business potential of the area,” he added. (PNA)
