In a move to boost its economy and fund major projects, the local government of Silay, has secured a P900 million loan from the Land Bank of the Philippines (LANDBANK).
The loan agreement was signed by Silay City Mayor Joedith Gallego on February 16, together with officials of Landbank.
Landbank is one of the government’s financial partners in providing local government units with the funding they need to implement their programs and projects.
According to Gallego, the loan will be used to finance 3 big ticket projects in the city, including the construction of a city college, new public market, and a sports complex.
The establishment of the city college is a landmark project of the Gallego administration that aims to boost the educational opportunities for the people of Silay. The college will offer free education to its residents.
The idea of establishing a city college in Silay has been on the table for several years. With the increasing demand for tertiary education among its residents, the city government recognized the need to provide a more accessible and affordable option for the city’s youth to pursue their academic dreams.
The mayor has not yet disclosed the allocation of funds for each facility.
