P368-M worth of Calbayog infra projects get funding

(Let me give you Jack Gadaingan's report which appears in today's edition of the Manila Bulletin)

CALBAYOG CITY — Some P368 million worth of economic infrastructure projects will be implemented soon in this city as an offshoot of an investment forum held at Sofitel Philippine Plaza in Manila last week.

The biggest finance taker during the investment forum was the Development Bank of the Philippines (DBP), which signified willingness to finance all the four major projects presented by the city of Calbayog.

The presentations of projects were also attended by corporate executives from San Miguel Corporation, Land Bank of the Philippines (LBP) and Pag-IBIG Fund.

The four major Calbayog projects amounting to P368.8 million are the Bangon Falls Mini-Hydro Power Development Project in the amount of P129 million; the New Calbayog City Public Market, P121.8 million; the medium-rise housing project for government employees, P68 million; and the rehabilitation of Ton-ok mini-hydropower plant, P50 million.

It was learned that aside from the DBP, Land Bank also aired its interest to finance the Calbayog projects.

Calbayog City Mayor Mel Sarmiento, who led the panel of presenters, said he was happy how the investment forum turned out in favor of his city.

“With more than one financing institution interested to partner with us in the implementation of the projects, the Calbayog City government is in the right position to choose which among them could offer more lucrative terms for the city,” he said.

The projects will be the biggest break for Calbayog City to have major economic infrastructures never experienced by the city before, he added.

Joseph Lim, financial analyst for Institute for Solidarity-Asia (ISA), said that with the current local revenue collection and Internal Revenue Allocation (IRA) of Calbayog from the national government, the city is eligible for even higher investment borrowings than what the four major projects require. (JACK C. GADAINGAN)

For related blog posts, please check these: link 1, link2.