BACOLOD CITY: The Provincial Development Council of Negros Occidental has approved P608 million worth of priority development projects and allocations for payment of loan amortizations.
The appropriation is 20 percent of the province’s total development fund and is intended for projects in infrastructure, economy and disaster preparedness.
Of the total amount, P392.5 million is appropriated for priority development programs and projects and P215.5 million will be for loan amortization payments.
Resolution 12 also states that the loan amortization fund will be paid to the Land Bank of the Philippines (P126.1 million), Development Bank of the Philippines (P80 million), Philippine National Bank (P5.5 million) and to the Municipal Development Fund Office (P3.9 million).
It says the loans will be utilized to finance various priority programs of the government to boost the socio-economic development of Negros.
Among the infrastructure projects, upgrading of a hostel and construction of the Mambukal Convention Center and Hotel and the Negros First Food Terminal are expected to be started immediately in January.
The resolution will still need the concurrence of the Sangguniang Panlalawigan (Provincial Council).