■ PB REFERS TO COMMITTEE FOR STUDY CARCAR CITY'S APPLICATION FOR P265M LOAN WITH DBP
Carcar City Mayor Nicepuro Apura wants to use the loan proceeds for an Olympic-size oval, pool and stadium
Majority floor leader Thaddeus Durano Sybico says resolution covering the loan contract was only supposed to be noted, which means that the measure is favorbaly endorsed. But there was a request to refer it to the committee on ways and means for further study. The amount will be used to build a new sports complex.→
The application of Carcar City Government for a P265-million loan for the construction of a new sports complex in Barangay Poblacion 3 was referred to the Provincial Board’s committee on ways and means for further study.
Majority Floor Leader Thaddeus Durano Sybico said that Carcar’s Resolution No. 86 was only noted.
This means that the resolution will be considered favorably endorsed after the reglementary period.
“However, there was a request to refer it to the committee on ways and means for further study, so we referred it,” he said.
Sybico clarified that for resolutions of component cities, the SP’s power is limited to its review and corrections.
“I think that all we can do is to make a comment. But we don’t have the power to stop it,” he said.
Resolution No. 18 seeks to authorize Carcar Mayor Nicepuro Apura and the city treasurer to borrow P265 million from the Development Bank of the Philippines (DBP).
Apura is also authorized by the resolution to sign a loan agreement, deed of assignment, the promissory note and other documents related to the loan.
Proceeds of the loan will fund the construction of the city’s sports complex on a three-hectare property near the new City Hall, which will feature amenities such as a swimming pool, Olympic-size oval, football field and stadium. /
According to the loan’s terms and conditions, Carcar City will pay off the loan in 15 years with a 5.5 percent interest per annum