Negros Occidental's LGUs get boost from LandBank
The various local government unit (LGU) development projects in the province of Negros Occidental got a big boost from the P320-million loan approved by Land Bank of the Philippines.
LandBank President and CEO Gilda Pico said in a press report that the assistance to the LGUs in Negros Occidental is in line with the Bank's commitment to help launch and implement development programs across the country.
"The LGU sector remains among our most able and active allies in pursuing our mission to help drive the countryside onwards", added Pico.
According to LandBank of the total amount, P250-million omnibus term loan facility will be used to finance the priority projects of Sagay City government. These projects include the renovation and expansion of the public market, development of port, construction of farm-to market roads and solid waste management facilities.
Also, of the total amount, P53 million was granted to the two municipalities of the province to finance the development of a new Water System. These municipalities are Cauayan and Isabela.
The new Water System project involves the construction of complete pumping systems and storage facilities, installation of new transmission-distribution pipelines, and the provision of treatment facilities and installation of service connections in the areas. When completed the project is expected to augment the supply of safe and potable water in response to the growing population of the various barangays in the municipalities.
A P17 million loan was similarly approved by LandBank to fund the construction of a bus terminal and a commercial complex in Sitio Calumpang in Cauyan.
LandBank reported that as of end-February 2008, its total outstanding loans to LGUs amounted to P28.4 billion that has benefited 647 municipalities, cities and provinces nationwide. (PIA)