LGUs urged to tap credit facility for devt

The Department of Finance (DoF) urged local government units (LGUs) to avail of the untapped P300-billion credit facility under the Land Bank of the Philippines to bankroll projects that would help the Philippine economy recover from the impact of the coronavirus disease 2019 (Covid-19) pandemic.

In a statement on Monday, the DoF said that during the recent Union of Local Authorities of the Philippines virtual meeting, Finance Secretary Carlos Dominguez 3rd disclosed that based on the department’s Bureau of Local Government Finance data, only around 35 percent to 40 percent of LGUs in the country have availed of loans despite very reasonable terms of 10 years at an interest rate of 4 percent to 4.5 percent.