Binmaley defends P55M loan for 7 projects
BINMALEY–Mayor Lorenzo Cerezo has defended his town’s proposed loan of P55 million from the Land Bank of the Philippines (LBP) for seven projects.
The projects are a commercial strip along Plaza Rizal Street, public market, an auditorium, electronic billboard, rehabilitation of the Binmaley infirmary which has been given a P1 million counterpart by Cibac party-list; Rural Health Unit; and rehabilitation of the Binmaley Tricycle Terminal.
Cerezo explained that the first of its kind central electronic billboard to be placed near the public market would be big boon to the municipality because it would eliminate unsightly advertising signs along the side of the streets.
He said the other projects that are not income-generating are vital infrastructures needed by the people, specifically the rehabilitation of town’s infirmary and rural health center and tricycle terminal.
At the same time, Cerezo reiterated his commitment to revive the old fish market of the town so that Binmaley producers who are selling their harvest in Dagupan can just trade in Binmaley and bring more income to the town.
Cerezo also announced that the coastal waters of Binmaley remained relatively free from Harmful Algal Blood (HAB) or red tide which is currently affecting several coastal areas of western Pangasinan, including Alaminos, Anda, Bani and Bolinao.
INCOME GENERATING
Cerezo said his administration will use the P55 million loan to build mostly income-generating projects to boost the town’s economy.
He pointed out that Binmaley needs to increase its income sources because only P11 million is coming from local collection.
Binmaley, a first class town, has a total income of P100 million yearly, and P89 million comes from the Internal Revenue Allotment (IRA) distributed by the national government.
The town is positioning itself as the seafood capital of the province because of the vast fishpond operations in the municipality.
Cerezo said the projects to be funded from the P55 million loan have already been approved by Land Bank.
The mayor also said Land Bank has given its nod on the municipality’s capacity to pay for the new loan although the previous P50 million loan obtained by the previous administration has not been fully paid.
Binmaley is still amortizing the old loan at the rate of P1 million monthly or P12 million yearly.
Cerezo said the SP was able to persuade Land Bank to give a lower interest rate for the new loan, which will be payable in 10 years with one-year moratorium for amortization payment.
The SB earlier passed a resolution authorizing the mayor to enter into a memorandum of agreement (MOA) with Land Bank, following consultations made by the town council with the people who gave their nod to these projects.
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