Mayor Magalong: P5.5B loan offered by Landbank to fund infra projects

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Baguio City Mayor Benjamin Magalong said Landbank is offering to loan the Summer Capital P5.5 billion to fund its infrastructure projects.

The proposal came after the Development Bank of the Philippines (DBP) granted the city government a P4.3-billion loan.

The DBP loan will be used to develop the public market and Burnham Park.

The Landbank loan, if it is approved by the city council, will be used to fund the rehabilitation of the public market, construction of multi-level parking faciltiies and transport terminals.

The Landbank loan proposal will be granted to Baguio three years from the date of approval.

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