THE Dagupan council, in support of the mayor’s plan announced earlier, has passed a resolution asking the LandBank of the Philippines to grant moratorium for two years on the payment of interest and principal on the city government’s P385 million loan.

Vice Mayor Belen Fernandez, chair of the Sangguniang Panlunsod, said the council unanimously responded to the request of Mayor  Alipio Fernandez Jr. for such a moratorium so the city can save P70 million yearly or P140 million for two years that may be used to restore and rehabilitate  facilities damaged by Typhoon Cosme in Dagupan.

Mayor Fernandez already had an initial talk about the matter with LandBank Board Director Albert Balingit and another bank official two weeks ago.

The P385 million loan was obtained by the past administration of Mayor Benjamin Lim for the construction of the Malimgas Public Market and for the purchase of a dredging machine.—LM

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