Councilor Al Victor Espino, chairperson of the City Council committee on finance, said Sunday, October 9, that they approved the request of the mayor during the regular session on October 5, 2022 to negotiate a loan and enter into an agreement for financing with the DBP.
“If this will be materialized (loan), the funds are intended for the development and projects for Bacolod City which we have already discussed with the members of the council, department heads and the executive body of the local government unit (LGU),” he said.
Espino added that the city can avail a loan amounting to P5 billion.
The approved investment plan (AIP) of Bacolod includes the acquisition of lot and development of housing project, infrastructure projects, port development, waterworks programs, post coronavirus disease (Covid-19) related projects, school buildings, computerization project, livelihood projects purchase of equipment, road concreting, and other projects listed in the LGU’s annual development plan.
Espino said the City Government has a capacity to pay its loan in spite of its existing loan by the previous administration.