Land Bank offers to finance new city hall
THE Land Bank of the Philippines (LBP) has offered its financial support to Dagupan City for the construction of its new city hall building.
It can lend Dagupan up to P580 million at low interest rate payable within 10 years based on the borrowing capacity of the city.
The offer was made by Jaime Cruz, LBP manager of the Pangasinan Lending Center in Dagupan City, when he and Cathlyn Fernandez, LBP manager of Dagupan, met with Mayor Belen Fernandez last Monday during the executive meeting.
Fernandez thanked the bank for its offer even at a time plans are still being finalizing. She said she does not think the city will required that much since Fourth District Rep. Gina de Venecia has already raised an initial P45 million for the project with more than P100 million set to be raised more next year.
She added that the city has savings it can use as well for the construction of the new building.
The present city hall was built in in 1930s, one of the oldest in the country.
Meanwhile the mayor already sought an authority from the Sangguniang Panlungsod (SP) to negotiate for a piece of land in Barangay Pantal where the new government center will rise, and eventually another resolution for her to negotiate for the loan.
The city has yet an outstanding loan with the Land Bank taken out for the construction of the Malimgas market.
Land Bank, a depository bank of Dagupan, also vowed to help the administration of Mayor Fernandez attract more investors, noting the city’s business-friendly atmosphere and its very competitive edge. (LVM)
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