Capitol eyes up to P1 billion loans for agri, irrigation

Topic |  

Capitol eyes up to P1 billion loans for agri, irrigation

Topic |  
 ADVERTISEMENT 

The provincial government of Bohol is looking to borrow up to P1 billion from banks to support spending for agricultural projects and the improvement of rural waterworks systems.

Governor Arthur Yap has requested the Sangguniang Panlalawigan (SP) to be granted authority to negotiate terms and conditions and subsequently enter into loan agreements with two of the government-owned and controlled financial institutions – the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP).

In its recently approved annual investment plan (AIP), the Capitol has identified the procurement of agricultural facilities and equipment among its priorities next year. This capital outlay is aimed at generating additional livelihood in the agriculture sector apart from ensuring food stability in the province.

Another priority sees increased spending to bring reliable supply of potable water in eighteen (18) towns of the Second and Third congressional districts and Pamilacan Island.

 ADVERTISEMENT 

The governor conveyed his intent to secure loans to the SP in a letter which will be deliberated this week by the legislature’s committee on finance, budget and appropriation chaired by Vice Governor Rene Relampagos.

In an interview with dyRD Balita, Relampagos bared that if the governor’s request is approved on committee level, the SP will consequently decide whether to grant the authority to Yap.

The authority will be in the form of two (2) resolutions, each separately authorizing the governor to negotiate terms and enter into loan agreements with LBP and DBP. (KB)

Be First to Comment

Leave a Reply

error: Content is protected !!