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STATE-controlled
Land Bank of the Philippines has approved the release of
P1.05 billion in loan package to pay for infrastructure
projects in the provinces of Davao del Norte and
Compostela
Valley.
In Davao
del Norte, part of the loan package will be used to buy
heavy equipment for the construction of its legislative
building and farm-to-market roads, the bank said in a
statement.
In
Compostela Valley, the bank will finance
community-development projects that include the
acquisition of heavy equipment.
Meanwhile, LandBank has also approved a P320-million
loan package to finance infrastructure projects in
Negros Occidental.
Of the
amount, P250 million will finance the renovation and
expansion of the Sagay City public market, the
development of its port, as well as the construction of
farm-to-market roads and solid-waste management
facilities.
The
Negros package will also finance up to P53 million for
the development of a new water system in the municipal
governments of Cauayan and Isabela to serve their
growing population. New pump systems and storage
facilities will be built, as well as new
transmission-distribution pipelines.
A
provision of treatment facilities and installation of
service connections in the areas will also be built.
Sitio Calumpang in Cauayan will get P17 million for the
construction of a bus terminal and commercial complex.
As of
end-February 2008, LandBank’s outstanding loans to local
government units reached P28.4 billion. The amount
covers the borrowings of 647 municipalities, cities and
provinces all over the country. |
