By: Florence F. Hibionada
THE ILOILO Sangguniang Panlalawigan (SP) took cognizance yesterday of additional funding sought by the Municipality of Miag-ao for its multi-million public market project.
With P47 million in proposed borrowing, The Daily Guardian (TDG) learned that said amount is out to fund the project’s “Phase 2” works.
Details identified Land Bank of the Philippines (LBP) for the planned loan with Mayor Julieta Flores granted by the town council “full power and authority” to negotiate the terms. The loan, if granted, will be for 15 years with two years grace period on the principal amount. The town’s collateral is its 20% Internal Revenue Allotment (IRA) alongside “other revenues and income.”
The Miag-ao Public Market is one of the infrastructure projects pushed by the municipal government as per approved local development plan.
Breakdown of project cost consisted of P528,598 in “general requirements,” civil works of over P24.5 million, architectural works of over P12.5 million, electrical works of over P5.4 million and sanitary and plumbing works of over P3.9 million.