EB Magalona town in Negros Occidental is securing a loan of P200 million from the Land Bank of the Philippines to fund the renovation of its town market, purchase of brand new heavy equipment and for its information and communication technology project.
EB Magalona Mayor Marvin Malacon yesterday said that of the amount, P140 million will be used in the construction and renovation of the 50-year-old town market, and the P60 million for buying heavy equipment such as a buldozzer, grader, back hoe, back hoe loader, a 10-wheeler truck and two mini-dump trucks.
The proposed borrowing of the P200 million was approved by the Sangguniang Bayan of EB Magalona during its regular session on December 19 last year.
Malacon said they are authorized to borrow as much as P280 million from the Land Bank.
The signing of a loan agreement between the Land Bank and EB Magalona officials is slated on Friday.
Malacon said they are constructing a two-storey public market, with the upper floor to be used as a tourist inn, and to house public market offices, among others.
The construction and renovation of the public market will be done phase-by-phase. It is targeted to be completed within one year, he added.
The heavy equipment will be used for various infrastructure projects, especially in the hinterlands, when the common problems being complained about by the residents are impassable roads during the rainy season, Malacon added.
The back hoe loader and two mini dump trucks will be for use by its material recovery facility, he also said. * GPB
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