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Capitol loans may reach P1.2B |
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Capitol loans may reach P1.2B
By Francis Allan L. Angelo
CAN the Iloilo provincial government pay the multimillion debt it used to finance infrastructure projects?
At present, the Capitol is still paying the P190-million loan for the construction of the new Iloilo airport and the P100 million it had borrowed from the Land Bank of the Philippines for the purchase of brand new heavy equipment last year.
The office of Governor Niel Tupas Sr. is also looking for money to finance the construction of the P350-million convention center on the old Iloilo Rehabilitation Center site.
Another project that might incur the Capitol more debts is the P380-million Information Technology park at Brgy. Magsaysay Village in La Paz, Iloilo City.
Last week, the Sangguniang Panlalawigan granted Governor Niel Tupas Sr. the authority to negotiate a fresh loan from government financial institutions for the convention center and IT park projects.
If the loans for the two new projects push through, the Capitol’s debt will total P1.2 billion.
Board Member Niel "Jun-Jun" Tupas Jr., committee on appropriations chair, said the provincial government can pay the loans since the projects will generate income for the Capitol coffers.
Tupas said part of the income from the IT park and convention center can be used to repay the debts.
Vice governor-elect Rolex Suplico said he might call a review of standing and pending loans of the Capitol and determine if the provincial government has the capacity to pay them.
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