The Iloilo City Government has tapped the Land Bank of the Philippines (LBP) for an P800-million loan to finance the rehabilitation of four public markets in the metropolis.
Mayor Jerry Treñas said the city government is qualified to avail of the loan from the government financial institution.
The loan has a fixed interest rate of four percent per annum and is payable for 15 years.
Treñas said all necessary documents for their loan are now being prepared.
One of the documents needed is a Sangguniang Panlungsod-approved resolution authorizing Treñas to secure a loan from LBP.
The amount will be spent for the improvement of public markets in La Paz, Mandurriao, and Arevalo and Jaro Big Market.IMT
Photo of La Paz Public Market by Constantine Agustin
