The Sangguniang Panlalawigan has passed a resolution giving Governor Arthur Yap the authority, on behalf of the provincial government, to open a P2-billion credit line with the Land Bank of the Philippines (LBP) to finance key facility developments.
The resolution was approved during the SP’s regular session on Tuesday, with nine of the 13 members of the Provincial Board, headed by Vice Governor Rene Relampagos, voting for its passage.
Board Members Dionisio Victor Balite and Lucille Lagunay voted against the resolution while Board Members Jade Bautista and Frans Garcia were not present during the voting.
According to Relampagos, the provincial government plans to take out its previously planned P1-billion loan to develop water supply systems in the province through the LBP’s Omnibus Term Loan Facility.
Relampagos noted that providing water supply to various localities in the province is among the government’s top priorities with desalination plants already being put up in far-flung areas such as Pandanon Island in Getafe and Pamilacan Island in Baclayon.
“Tungod kay priority man ni Governor Yap kining pagdevelop sa atong different nga water supply systems diri sa Bohol kay usa sa gipadak-an nato ang health sa atong mga katawhan unya og maghisgot ta og health kinahanglan naa access ang atong katawhan to clean potable water,” the vice governor said.
Relampagos clarified that the pending deal with LBP is the same loan that has been previously planned by the provincial government for the massive waterworks project.
The province only needs to open the P2-billion credit line to avail of the P1 billion loan, he added.
The LBP offers the Omnibus Term Loan Facility to provinces, cities and municipalities whose projects form part of the bank’s Approved Local Development Plan or Annual Investment Program.
“This eliminates the inconvenience and associated transaction cost in having to secure loan approval for every single project to be implemented,” the bank said in a statement. (R. Tutas)