The municipal hall of Magpet, North Cotabato. (Photo by Magpet LGU)
MAGPET, North Cotabato – Officials here are eyeing to avail of a PHP150-million bank loan to develop and expand the services of the local government unit-run Magpet Water Works and Services (MWWS) utility venture.
Municipal administrator Jupiter Rubino said the money will be allocated for the construction of more pipes and reservoirs in other parts of the municipality, and also to supply other water utilities serving the neighboring town of President Roxas and Kidapawan City.
“This project is expected to generate huge revenues to the local enterprise which is vital to sustain and expand its operation,” Rubino said on Monday.
Rubino said the local government had earlier done a feasibility study of the project which was presented during the series of consultation meetings with the municipal planning and development council, and various local sectors, including private and government-run agencies.
He said the proposal has initially been approved by the town council, with the body now preparing a resolution granting Mayor Florenito Gonzaga to transact and sign a memorandum of agreement on behalf of the LGU with the Land Bank of the Philippines (LBP).
“The project is included on the LGU’s Local Development and Investment Program for 2020 in line with the mandate of the national government to ensure resiliency among LGUs to maintain basic services to the people” Rubino said.
He said once the authority is given to the mayor, the LBP still has to do a project evaluation and assess the payment capability of the LGU before granting the loan.
“The LGU will pay the debt within ten years, but during the first two years, we will only be paying only the interest because it still falls under the construction period of the project”, Rubino said.
MWWS, with annual revenue of PHP7-million, is currently serving some 3,000 household consumers in the locality.
Other villages here, particularly the remote areas, are being served by their respective Barangay Water Service Association utilities.
“We have a gift of abundant water supply and it is our responsibility to also share,” Rubino said. (PNA)
