BACOLOD City – The Bacolod Sangguniang Panlungsod (SP) has ordered a comprehensive review of all loans obtained by the city government from the Development Bank of the Philippines (DBP) to determine the city’s outstanding financial obligations and ensure transparency in the use of borrowed funds.
The SP unanimously approved a resolution during its regular session on July 28, authored by Councilor Atty. Caesar Z. Distrito, directing the Committees on Appropriations and Finance, Laws, and Government Assets to conduct the review in coordination with the Local Finance Committee, the DBP, and concerned city offices.
The review will cover all DBP loans secured during the administrations of former mayor Evelio R. Leonardia and former mayor, now Bacolod Rep. Alfredo Abelardo Benitez.
Among the loans to be examined is the city’s P4.171-billion term loan obtained during the Benitez administration, which funded major infrastructure and development projects, including property acquisitions, the rehabilitation of the Old City Hall, drainage and road improvement works, installation of solar power systems, asphalt overlay projects, construction of the Legislative Building and City Health Complex, traffic signalization, the City Engineering Motorpool Area, the Bacolod Warehouse, and the Animal Shelter.
Lawmakers will also scrutinize about P1.7 billion in outstanding DBP loans obtained during Leonardia’s administration for projects such as Bacolod City College, Progreso Village, the MassKara Coliseum, the Lacson Street road projects, the Mansilingan-Felisa Road, and the Gonzaga Street Extension.
Under the resolution, the committees were tasked to determine the total loan amounts approved and released, schedules of fund releases, projects financed, payments already made, outstanding principal balances, accrued interest, maturity dates, and the city’s remaining obligations.
The review will likewise assess the implementation and physical status of projects financed through the loans.
To facilitate the assessment, the committees are authorized to require the submission of loan agreements, statements of account, disbursement records, project accomplishment reports, certifications, and other financial and project-related documents.
Distrito said the initiative is not intended to question the authority of previous administrations to secure the loans but to provide the City Council with a clear picture of Bacolod’s current financial commitments.
“As representatives of the people, we have the responsibility to know the current status of every loan contracted by the City Government. This review is about transparency, accountability, and ensuring that future financial decisions are based on complete and accurate information,” Distrito said.
The committees are expected to submit a comprehensive report to the SP upon completion of the review.
The findings and recommendations may serve as the basis for future legislative measures and policy decisions concerning the city’s financial management and capital investment programs./PN
