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Tagbilaran Mayor Seeks P1 Billion Loan Approval

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Tagbilaran Mayor Seeks P1 Billion Loan Approval
« on: August 03, 2008, 11:28:42 AM »
The City of Tagbilaran is leaving no stone unturned in making use of its credit facility with the Development Bank of the Philippines.

Call it political will on the part of Mayor Dan Neri Lim who is known far and wide  to have a lot of it, the city chief executive stunned members if the Sangguniang Panglungsud when he sought their approval for a P1  billion loan facility.

V-Mayor Jose Antonio Veloso was one of those city officials who expressed reservation of the loan application  but promised however to refer it  to the committee as a whole when the SP meets in session next week.

Veloso assured his colleagues to use a “fine tooth comb” in scrutinizing the propriety of maximizing the city’s credit limit.

The vice mayor would have allowed SP members to open discussion of the city mayor’s request for SP authority given the loan application during its last session had the mayor’s letter  arrived earlier. However, he was able to read the letter during the Presiding Officer’s Time.

At least four big ticket projects are lined up by the executive department that needs financial backing as big as the loan applied for.

Among the flagship projects which the mayor intends to complete during his second  term are the centralized water treatment facility and the Integrated Solid Waste Management Project to be located in Taloto.

Part of the loan proceeds will go to land acquisition in the Taloto area where the two big projects are located.

A big slice of the borrowed money will also go to the concreting of practically all city roads which are in a state of disrepair because of palliative solutions applied by the city engineers office.

The city mayor is of the belief that to solve the nagging problem of road craters is to have them paved with concrete. 

In his letter to V-Mayor Veloso, Mayor Lim informed him as presiding officer of the SP that he  has sent a letter of intent to the DBP for a loan of not less than P500,000.00 to P 1 billion for the city’s infrastructure projects.

Mayor Lim said he was asking for an authority to negotiate the loan with DBP on the terms and conditions of the credit application. He said the previous authority granted by the SP was for the New Growth Center for only P630,000,00 only.

At the same time, Lim informed the SP that DBP SAVP Luisalo Caverte has approved the city’s P8 million peso loan to finance the refleeting of the city’s vehicles. The city mayor was also asking authority to ratify the terms and conditions of the said loan.

During the time of Nuevas Tirol-Montes as vice mayor, Mayor Lim was authorized to negotiate a loan agreement in behalf of the city government with the DBP in the amount of P500,000.00 or more.

The money would have been used to finance the so-called New Growth Center but the loan application was held in abeyance. So with the project to push through with the new growth center which  should have been located in the satellite city complex. - source: Sunday Post Newspaper

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