Province set to accelerate infra projects
2ND LOAN DRAWDOWN
LINGAYEN— To accelerate the implementation of the priority infrastructure and socio-development projects it listed in the province’s Local Development Plan and Public Investment Program for 2014/2015, the Espino administration will begin to purchase various heavy construction equipment through its loan agreement with the Land Bank of the Philippines (LBP).
Last Monday, the Sangguniang Panlalawigan (SP) approved ordinance no. 30-2015 authorizing the second drawdown of P92,470,000 to fund various heavy construction equipment.
Among the equipment that will be purchased are mini dump truck (P4.2M), aerial platform (P7.6M), road roller tandem (P9.14M), vibratory roller (P9.6M), bulldozer/crawler/sigma dozer (P25.65M), water truck (P7.6M), truck forward drop side with crane (P7.1M), hydraulic machine press (P1M), wheel excavator (P11.6M), and mini asphalt finisher (P8.98M).
The term of the loan is 10 years, to be paid quarterly, at 5.5% fixed interest rate “or three years subject to quarterly repricing from 4th year onwards.
The said loan was already approved by the Loan Approving Group of LBP and the Governor was authorized by the Sangguniang Panlalawigan to enter into a contract/loan agreement with LBP.
Last July 20, the SP approved the first drawdown -P758,149,708.38.
The two drawdown amounts are part of the originally P1 billion approved term loan of the provincial government with the LBP.
Provincial Account Arturo Soriano noted that the debt service or borrowing capacity of the province as allowed by the Bureau of Finance is P2.4 billion but it only availed of P1 billion. (Johanne Macob)
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