Thursday, October 19, 2017

Tuguegarao wants P700M loan for ‘Lawin’ repair activities

Mar 9, 2017 @ 16:37

To repair the damages caused by Typhoon “Lawin” last year, the Tuguegarao city government is mulling to avail of P700-million loan to fund its various rehabilitation projects.

This was disclosed by Tuguegarao Mayor Bienvenido De Guzman II in Philippine News Agency report dated March 9.

In the same vein, the politiko said he has sought the authority of the city council for authority to contract the loan with lending institutions.

The mayor was asking for a renewal of the same authority granted in December last year, in favor of former mayor Jefferson Soriano, but which was deemed revoked after he was dismissed from service by the Ombudsman last month.

The city council cited the “widescale (sic) destruction” in the city for the necessity to contract a loan.

“Whereas, on October 19, 2016, super typhoon Lawin, with the international name of Haima, one of the most powerful typhoons to ever hit Tuguegarao City, has caused widescale destruction in infrastructure and other facilities owned by the city government,” the December resolution read in part.

Documents revealed that the city government plans to borrow some P700 million as an “omnibus loan facility” from still-undetermined lending institutions, which the city will pay in 10 years.

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