The Sangguniang Panlalawigan (SP) authorizes Gov. Arthur Yap to enter into loan agreements with the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP) where the loan proceeds will be used for waterworks projects, machineries for fishpond rehabilitation and post-harvest facilities.
The provincial board passed two (2) resolutions on Tuesday, Jan. 5, 2021, during its first regular session of the year, giving the authority to the governor to enter a loan agreement with LBP amounting to P1 billion and another loan pact with the DBP amounting to P125.8 million.
The P1 billion loan will be used to finance the waterworks projects in 18 towns. On the other hand, the P125.8 million loan will be used for the acquisition machineries for fishpond rehabilitation and post-harvest facilities for cassava and corn, reports say.
Prior to the passage of the 2 resolutions, the members of the provincial board discussed the measures for 2 hours in a pre-session conference.
During the voting, Senior Board Member Dionisio Victor Balite abstained while board members Jade Bautista, Aldner Damalerio, Lucille Lagunay and Elpidio Jala were on leave.