P1.925-B loan of Tabuk City LGU approved on first reading

Tabuk City, Kalinga─Members of the Sangguniang Panlungsod approved on its first reading the Omnibus Loan Agreement, deed of assignment, and ordinance on the rights, obligations and responsibility of the City government on the P1.925 billion proposed loan for various development programs and projects during their regular session on July 01.

On February 13, 2021, a resolution was crafted by the august body authorizing the city mayor to enter into Memorandum of Agreement with the Development Bank of the Philippines (DBP) for the availment of loan to finance the implementation of development activities.

Furthermore, in a letter transmitted by the city mayor dated June 28, it seeks for the perusal, ratification, and approval of the Omnibus Term Loan Agreement and Deed of Assignment entered between the City Government of Tabuk and DBP.

It also stated the request for the enactment of an Ordinance Approving, Ratifying, and Defining the Rights, Obligations, and Responsibility of the City Government for the P1,925,000,000 approved loan to finance various development programs and projects.

Among the development programs and projects under the Omnibus Term Loan Agreement are the Construction of 100-bed level II Tabuk City hospital amounting to P950,000,000, Improvement of Various Roads from unpaved to paved for P745,000,000, Construction of Legislative Building for P110,000,000, Improvement of City Hall Building and Compound for P90,000,000, and Construction of Training Center-Balong Agro-Food for P30,000,000.

The Omnibus Term Loan Agreement reads that the mentioned projects shall be on a term loan basis or a monetary loan that is repaid in regular payments over a set period of time.

Meanwhile, Councilor Atty. Zorayda Wacnang cited reasons regarding her objection to the implementation of the proposed loan.

“I am for obtaining a loan regarding the purchase of COVID-19 vaccine and the construction of 100-bed level II Tabuk City hospital, I am all for it nu kuna yu nga ag-loan tayo because kasapulan talaga met ti health sector tayo,” she said.

“But on the other projects, I think this can be funded by our regular fund and actually, we have been funding for the construction especially the improvement of city hall building and I am reiterating the position that I took on the loan availment, and the objection that I manifested in February 15, 2021 when the SP deliberated Resolution 021 Series of 2021,” Wacnang concluded.

Meantime, members of the Sangguniang Panlungsod have also referred the said matter to the Committee on Appropriation for further review.

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