CEBU CITY MAKES P195M PAYMENT FOR SRP LOAN

The Cebu City Government paid around P195 million for the second amortization this year of its loan for the South Road Properties (SRP).

Acting City Treasurer Veronica Morelos said that City Hall already settled its dues for the SRP loan this year. At present, the City has around P2 billion as its outstanding balance for its SRP loan, which is due in 2025 yet.

Councilor Jose Daluz III recently urged the executive department to pay off the loan that the City contracted for the SRP project or consider converting it.

In 1996, the then Japan Bank International Cooperation (now the Japan International Cooperation Agency) lent the City 12.315 billion yen or P5.3 billion to implement the South Reclamation Project, which is now the SRP.

City Budget Officer Marietta Gumia said the City had allocated P341 million for the principal and P112 million for the Aug. 20 payment.

That’s double the actual payment that the City made last Feb. 20. Gumia said the figures are not fixed as the amount of the City’s dues depend on the US dollar and Japanese yen exchange rates.

Daluz, in a speech during the City Council’s session last week, said the dollar-peso exchange rate is going higher and that the executive department should consider paying off the entire loan.

But Mayor Tomas Osmeña said the matter is not a priority.