Iloilo Provincial Board approves P350-M loan
The Iloilo Provincial Board has approved the request of the provincial government, represented by Gov. Niel D. Tupas Sr., to enter into a memorandum of agreement with the Philippine Veterans Bank (PVB) for a P350 million loan to fund the proposed construction of a convention center and office building along Bonifacio Drive in this city.
The Iloilo Provincial Board members in their second to the last session Tuesday approved the request upon the recommendation of the joint committees on Ways and Means, chaired by Board Member Niel "Junjun" Tupas, and Ordinance, Legal Matters and Inter-Government Relations, chaired by Board Member Domingo B. Oso Jr.
The board authorized Gov. Tupas to sign the agreement with Ricardo A. Balbido, Jr. of the Philippine Veterans Bank so that the construction of the multi-storey convention and office could commence soon. The project will be part of the economic enterprise project of the provincial government.
The project will be another major undertaking of the Tupas administration after the completion of the New Iloilo Capitol Building, New Iloilo Rehabilitation Center and the inauguration of the New Iloilo Airport Development Project in the Second District of the province.
This convention center and office building to be constructed besides the new capitol will be leased out to the regional government agencies which still have no permanent offices in the city.
It will also accommodate big conventions of both public and private organizations.
Iloilo Provincial Capitol Administrator Manuel Mejorada said that this could attract tourists to Iloilo City and the province.
(PNA)