BACOLOD City – A Sangguniang Panlungsod panel will hold a public hearing on the P1.7-billion loan agreement that the city government will enter into with the Development Bank of the Philippines.
Through the public hearing on Nov. 26 at the SP Session Hall the committee on laws, ordinances and good government will seek clarifications and transparency.
The city council has authorized Mayor Evelio Leonardia to apply for the loan to finance the city government’s flagship projects.
Such projects include the construction of the Bacolod MassKara Coliseum (P800 million), development of the Progreso Village Relocation Site (P350 million), Bacolod City College site development (P350 million), and construction and rehabilitation of roads and bridges (P200 million).
Leonardia already endorsed to the city council the Loan Term Agreement and the Borrowing Ordinance guidelines from Bangko Sentral ng Pilipinas, and the Continuing Deed of Assignment of Deposit with Hold-out Agreement.
Councilor Caesar Distrito, committee chairman, clarified that they “see the importance and necessity of this loan to finance various priority projects of the city.”
His committee will conduct the public hearing “for the purpose of clarifying some matters and for transparency,” he pointed out.
The committee on laws, ordinances and good government had sent out invitations to the following:
* Development Bank of the Philippines
* Office of the City Mayor
* City Legal Office
* City Budget Office
* Office of the City Engineer
* City Planning and Development Office
* Bacolod Housing Authority
* Office of the City Accountant
* Public Affairs and Assistance Division
* Office for Youth and Sports Development
* Local Housing Board
* Bacolod City College
* Negros Occidental Private Schools Sports, Cultural and Educational Association
* Liga ng mga Barangay
* Sangguniang Kabataan
Part of the BCC site development project is the construction of more school buildings to “increase its capacity to accommodate more indigent students,” and a school gymnasium, Distrito said.
On the other hand, the development project at the Progreso Village Relocation Site aims to make the area more livable via the construction of roads and drainage systems, said the councilor.
Meanwhile the Bacolod MassKara Coliseum, with its 10,000 seating capacity, will enable the city to host bigger sports and cultural events, conventions and conferences, he said./PN
