BACOLOD City – The city government is entitle to a P4-billion loan from the Department of Finance (DOF), said Councilor Dindo Ramos.
“This is based on a study of the DOF,” stressed Ramos, adding that it was patterned to the internal revenue allotment and local source of funds of Bacolod.
A negotiation is now ongoing between the DOF and the city government in relation to the latter’s plan to fund several of its proposed projects through loans this year.
The negotiation came after the city council granted Mayor Evelio Leonardia an authorization to initiate such.
Among the proposed projects that need funding were the development of the Progresso Village Relocation Site and the Bacolod City College site, the construction the Bacolod MassKara Coliseum, several road and bridge development projects, construction of south and east terminals, and the installation of high-tech public safety measures.
Leonardia has commissioned a technical working group to determine the cost of the projects so that he would know how much loan will he get from DOF.
According to Ramos, the mayor went to Manila on Thursday to submit several documents needed to avail a loan from the DOF.
Ramos added that one of Leonardia’s priority projects is the construction of a “multipurpose” coliseum, which is estimated to cost about P500 million.
The coliseum will serve as a venue for sports events and other activities, Ramos said. Its construction is planned to start in August.
If all of the requirements are passed to the DOF, Ramos believes that the loan will be released in July./PN
