SP authorizes P150M loan for new relocation site
BACOLOD CITY — Sangguniang Panlungsod of Bacolod City recently passed a Resolution authorizing Mayor Evelio Leonardia to sign a Proposed Loan Agreement with the Philippine National Bank in the amount of P150 million to buy 11 parcels of land located in Purok Arao, Barangay Vista Alegre to addressed the demand for a new relocation site.
Vice Mayor Jude Thaddeus Sayson who presided the special session called by the Local Chief Executive last Friday afternoon said that out of thirteen councilors who attended the session, 10 had voted to authorize Mayor Leonardia to sign the Loan Agreement, while two voted against and only one member manifested for abstention.
Under the proposed loan agreement, it is stipulated that the proceeds of the loan shall be used by the borrower, city of Bacolod, to purchase 11 parcels of land located in Purok Arao, Barangay Vista Alegre covering 602,693 net area in square meters.
The borrower shall use the properties to provide relocation/settlement site for families in danger zones and areas for development projects and also to provide better access to affordable low-cost housing for Bacolod City’s homeless and landless families and likewise improve basic services and utilities in all residential areas.
Said Loan Agreement also stipulated that the city of Bacolod as a borrower agrees to pay interest on the loan based on the three months POST-F rate plus a minimum spread in three point five percent (3.5%), net of Gross Receipts Tax (GRT) subject to quarterly repricing.
Vice Mayor Sayson acted the request for special session called by the Mayor considering the magnitude of city’s population who need the new relocation site. Sayson confirmed that there are 2,000 families in the city faced with demolition order from various property owners.
Sayson said that the Sangguniang Panglungsod Members who approved the resolution for an authority to sign the Loan Agreement by the Mayor were: SP Members Greg Gasataya, Homer Bais, Dindo Ramos, Al Victor Espino, Roberto Rojas, Nap Cordova, Alex Paglumotan, Reynold Iledan, ABC Representative Diosdado Valenzuela and Bacolod SK President Kevin Ramos. Voted on the negative were Councilors Jocelle Batapa-Sigue and Catalino Alisbo. SP Member Wilson Gamboa manifested his abstention on said resolution.