Miguel said the decision to reduce the loan amount was also based on the city government’s financial capacity, especially in its repayment.
He said they don’t want the local government to get buried in loans and eventually forced to sacrifice its priority programs and services.
With the P150-million loan, he said the project’s original plan and design will not be implemented fully or to the detail but assured that such amount is enough for a “fully functional terminal complex.”
“We’re now processing the release of the loan to facilitate the project’s implementation,” Miguel said.
The mayor said the LBP loan will specifically be utilized to fund the construction of the main terminal building and related structures as well as the installation of the necessary amenities within the complex.
Based on a feasibility study prepared by the local government, the transport terminal complex will be operated as an economic enterprise.[]
