Baguio City is borrowing P4.3 billion from the Development Bank of the Philippines (DBP) to develop the Summer Capital’s public market and Burnham Park
Baguio City Mayor Benjamin Magalong on February 24 signed the loan agreement.
The P4.3-billion loan will be payable in 15 years with a 3.6% variable interest rate per annum.
The Baguio politiko earlier said the rehabilitation of the public market will need at least P2.5 billion.
The rehab of Burnham Park, meanwhile, was estimated to cost around P300 million.
He said he wants the public market to be one of the most modern markets in Southeast Asia.