The Department of Finance (DOF) allowed the city to avail P4.5 billion loan, instead of the P5 billion loan proposal, he said.
“So we adjusted some of the projects intended for the loan package and we will apply for the P4.5 billion loan,” he said.
The City Council earlier authorized Benitez to negotiate a loan and enter into an agreement for financing with the Department of Budget and Management (DBM) for the implementation of the city’s projects.
Based on the approved investment plan (AIP) of Bacolod, aside from the acquisition of lots and other socio-economic development projects, the loan will also be utilized for infrastructure, port development, waterworks programs and post-Covid-19 projects.
It will also be intended for the construction and repair of school buildings, computerization and livelihood projects, purchase of equipment, road concreting, and other projects listed in the city’s annual development plan.
“We will make sure that before the implementation of the projects, all the data and expectations on the projects are validated including the construction of the legislative building at the Bacolod Government Center,” Benitez said.
Councilor Al Victor Espino, chairperson of the City Council committee on finance, earlier said the City Government can pay its loan despite its existing loan implemented by the previous administration.*