Capitol eyes P1-B loan for projects
LINGAYEN–The provincial government is set to borrow P1 billion from the Land Bank of the Philippines (LBP) to finance various infrastructure projects, purchase equipment and use part of amount as counterpart for World Bank-funded projects.
Resolution No. 620-2014 was filed last Monday before the Sangguniang Panlalawigan by 5th District Board Member Clemente Arboleda Jr. seeking to authorize Gov. Amado Espino Jr. to negotiate and enter into a loan agreement with LBP under the terms and conditions of LBP’s omnibus term facility (credit line).
The resolution cites budgetary constraints to support the province’s eight new strategic programs and projects as scheduled and listed in the annual investment programs of the province.
The projects include the construction/repair of various hospitals, P100 million; construction/repair of roads and bridges, P400 million; counterpart to World Bank-funded projects, P70 million; purchase of equipment, P130 million; housing projects, P100 million; construction/development of tourism sites, P50 million and purchase of hospital equipment, P50 million.
The loan will be disbursed during the remaining two years of the administration of Espino which will end in 2016.–LVM
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