Escalante City, LBP ink P97M loan for road improvement
BACOLOD CITY -- Escalante Mayor Melecio Yap and the officials of the Land Bank of the Philippines (LBP) here signed a loan agreement amounting to P97 million for the road improvement for the 10 barangays, namely, Buenavista, Rizal, Lagub, Malugtungan, Hapitan, Washington,Cervantes, Alimango, and Binagyhan.
Mayor Yap said they availed of the loan because of its low interest.
He said this loan is part of the P220 million loan which will finance the construction of the Integrated Bus Terminal, water facilities, slaughterhouse and coliseum.
The collateral of the loan is the city's Internal Revenue Allotment particularly the 20% Development Fund. It will be payable in 10 years.
The council of Escalante authorized the City Mayor to negotiate with Land Bank of the Philippines.
Cong. Jules Ledesma also gave the LGU an allocation for some of its projects and Gov. Isidro Zayco also gave every barangay P200,000 last year.
He said, "It's my dream to have good roads in Escalante. Hope to finish it before my term ends."