The city government of Baguio has been securing multi-billion loan arrangements with some major banking institutions to fund its various development and improvement projects.
Mayor Benjamin Magalong last week has signed a P10-billion credit facility agreement with the Development Bank of the Philippines represented by its chair Alberto Romulo.
Magalong said the amount was originally intended for the city public market redevelopment and modernization but the city is currently moving towards a public-private partnership scheme. The amount will be used for major city government projects.
The mayor also signed a loan agreement with the Land Bank of the Philippines for P5.5B which the bank early last month offered for the city’s projects as approved in its annual investment plan, which includes the city market development and construction of parking buildings and terminals.
The agreement has been submitted to the city council for confirmation.
On Wednesday, Magalong met with representatives from the Asian Development Bank with whom he has been in talks with for the past four months for possible funding support.
He said the entire ADB board will arrive in the city on March 4 and 5 and is expected to make an announcement about its support for the city’s water supply project and rehabilitation of sewerage system.
Other projects that are either supported or with counterparts from the national government, foreign governments like Japan, or private companies are the P480-million Burnham Park rehabilitation, waste-to-energy technology, the three-year P600-million Walkable City project that aims to recover and have uniform sidewalks in the city, P200M of which will be implemented this year; the P95-M flood control project; the City Hall annex initially worth P400M; transfer of the city fire station and Office of the Civil Defense; and the P435-M youth convergence center. – Hanna C. Lacsamana
April 25, 2024
