Landbank, Sarangani ink deal for P1B loan
AFTER the signing of the term sheet on January 19, the Land Bank of the Philippines (Landbank) and the provincial local government unit (PLGU) of Sarangani officially sealed the deal for the P1-billion loan agreement on February 2.
The P1-billion will be utilized for funding the province’s developmental projects, particularly the allocation of P500-million for the acquisition of several heavy equipment, P200-million for the hospital/medical equipment, and P300 million for the establishment of the Provincial Agri-Fisheries Complex.
This will capacitate the provincial government and the current administration to provide and deliver more public services and expand the government’s efforts, especially to the Sarangans who live on the margins.
The ceremonial signing between Landbank and PLGU was held at the lobby of the JLC Building, Capitol Compound where principal signatories include Charlotte Conde, Senior Vice President and Mindanao Lending Group Head; Eden Japitana, Vice President and General Santos City Lending Center Head; Governor Rogelio D. Pacquiao, and Provincial Administrator Atty. Ryan Jay Ramos.
Conde said, the Landbank is “so proud and happy” that this P1 billion loan for Sarangani is “so far the shortest approval that we ever got for the provincial government of Sarangani. Imagine, one-week lang naipa-approve agad namin ‘yung loan up to the board.”
“This agreement is a milestone in Landbank’s continuous assistance to Sarangani province and it is my pleasure to formalize this renewed partnership that will help address the major constraints concerning basic and social-economic infrastructure,” Conde said.
Through this agreement, Conde hopes the P500-million for heavy equipment acquisition “will pave the way for reliable road connections and disaster-resilient structures.”
The P200-million for the hospital equipment “will scale up the capacity of the Sarangani Provincial Hospital to operate as a medical center,” while the P300-million agri-fisheries complex “will help in expanding small and medium scale fisherfolks and consumer markets.”
Pacquiao, on behalf of his constituents in Sarangani, thanked Landbank “for the resounding hope of confidence” Landbank has given to the province. “This will inspire us to keep serving in excellence knowing that we have reliable partners in our local endeavors,” he added.
Pacquiao believes through this loan agreement, “our collective dream of having our own fish port facility will soon come to completion, and this will promote the agri-fishery industry, especially in our coastal towns. It will also fasttrack our infrastructure projects in order to deliver reliable and modern health services to those in need.”
The contract signing was also witnessed by other representatives from Landbank, the members of the 11th Sangguniang Panlalawigan headed by Vice Governor Elmer de Peralta, the Capitol department heads, and Capitol employees.
Pacquiao urged his co-elected and appointed officials to “roll up our sleeves and get more things done” as he assured the benefactors that “the PLGU will seek the most efficient and prudent use of the fund.”
“This is not just a loan contract; this is an investment for the future of our people. This agreement signals the dawn of a modern and progressive Sarangani province,” Governor Pacquiao stressed.