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Cebu City LGU wants P1.1-B JICA loan fully paid

By John Rey Saavedra

April 5, 2022, 8:41 pm

<p>Cebu City Mayor Michael Rama. <em>(File photo)</em></p>

Cebu City Mayor Michael Rama. (File photo)

CEBU CITY – Mayor Michael Rama on Tuesday said the move to pay the remaining balance of PHP1.1 billion loaned by the city government to construct the 300-hectare South Road Properties (SRP) should be completed to re-shift the city’s focus on social services.

In a radio interview, Rama said he is hell-bent on paying the balance of the loan, citing the capability to settle the entire payable amount as the city has enough funds for it.

“That matter would have already rested and that will already belong to the history and the annals so to speak,” Rama said, adding that even the Cebu City Council already approved the supplemental budget that includes the amount to be paid to the Japan International Cooperation Agency (JICA).

The 12.315 billion yen loan was taken from the JICA in 1995 to develop the city’s second reclamation project.

The loan was supposed to be payable in 30 years or until 2025.

Rama said he wanted to pay the entire remaining loan amount to save on millions of pesos in interest if paying the amortization would be dragged longer.

He said the millions of pesos in interest to be saved will benefit the constituents who need more basic services amid the coronavirus disease 2019 (Covid-19) pandemic and the Typhoon Odette. (PNA)

 

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