The Bacolod City government is set to avail of a P5.5 billion loan from the Development Bank of the Philippines after the Bacolod Sangguniang Panlungsod (SP) approved a resolution granting Mayor Alfredo Abelardo Benitez the authority to give his conformity to the Term Loan Facilities approved by DBP.
Councilor Jude Thaddeus Sayson, the SP Committee on Appropriation and Finance chair, said that the city government chose DBP because it offered the lowest interest rates.
The loan will be used to fund various development projects in the city, including the acquisition of lots, construction of a legislative building, mini hospitals, rehabilitation of the old city hall, improvement of public markets, construction of roads and drainages, and the construction of various facilities such as a warehouse, central archives, and underground cabling.
The loan will also fund the installation of solar power generating systems, construction of traffic signalization, street lights, and furniture and equipment.
Mayor Benitez previously announced that the mini hospitals or super health centers are planned to be constructed at various locations around the city, including the Arao relocation site, Vista Alegre, Cabug, Mandalagan, Alijis, and the Bacolod reclamation area.
These mini hospitals will be equipped with ultrasound facilities, minor surgical rooms, wards, and laboratories, with doctors on standby to serve the people of Bacolod.
The Department of Finance approved a P5.7 billion loan capacity for the highly-urbanized city, but the local government decided to borrow only P5.5 billion.
