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

  • Writer: Dianne Jayne Lumines
    Dianne Jayne Lumines
  • Jul 10, 2021
  • 2 min read

Updated: Jul 12, 2021


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Tabuk City, Kalinga―The PhP1.925 billion proposed loan of the Tabuk City Government for the implementation of various projects has been approved on its final reading by the members of the Sangguniang Panlungsod during their regular session held on July 08.


According to the Committee on Finance and Appropriation Report, the city government has obtained certification on the net debt ceiling capacity and borrowings of the City of PhP2.2 billion, under Department Order No. 054-2016. However, only PhP1.925 was availed by the city government.


The committee report also states that the loan will fast track the development of the city towards the immediate realization of the infra-related and development projects listed in the loan agreement, essential for the promotion of public welfare as advised by the Department of Finance to maximize borrowings to fund infra-related development projects.


So, the committee recommended for approval on its 2nd and 3rd reading since the Omnibus Term Loan Agreement, deed of assignment, and ordinance on the rights, obligations, and responsibility complied and passed the review, evaluation, and certified the capacity net debt service ceiling and borrowing by the Department of Finance of the Tabuk City Government.

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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.


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