BACOLOD City – The city government is seeking approval to realign funds designated for the rehabilitation of Burgos Market, which requires the consent of both the Sangguniang Panlungsod (SP) and the Development Bank of the Philippines (DBP).
On April 27, 2023, Mayor Alfredo Abelardo Benitez and DBP president and chief executive officer Michael de Jesus signed a P4.441-billion loan agreement to fund various city projects. However, due to budget shortfalls in constructing two other city projects — the legislative building and the Old City Hall — the mayor is considering reallocating funds initially earmarked for the market.
Councilor Jude Thaddeus Sayson, chair of the SP’s committee on appropriations and finance, said the city council has yet to receive an official request from the mayor’s office for the realignment.
He outlined the process, noting that any realignment request would first require a discussion between the executive and legislative branches. Following city council approval, the request would then need the DBP’s endorsement due to the loan agreement terms.
The DBP’s approval is crucial as the bank maintains a list of originally approved projects for funding. Any deviation from this list would undergo scrutiny from the mayor, the SP, and the bank itself./PN
