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Quezon mayor sees PLGU’s P1-B loan as investment to spur dev’t

March 14, 2021 Uncategorized

QUEZON, Nueva Vizcaya, Aug. 15 (PIA) – Mayor Dolores Binwag here who expressed her support to the provincial government’s plan to acquire a P1 billion loan from the Department of Finance (DOF) sees it as an investment to spur development in the province.

“This is an investment that will benefit our people at present and the future generation because it will spur economic development through our agricultural potentials,” she said.

On Aug. 10, Binwag attended the Public Scoping and Stakeholders Consultation on the provincial government’s intention to avail of a P1 billion loan from the DOF’s Municipal Development Fund Office (MDFO).

The mayor said the barangay officials are behind her in supporting the move of the provincial government for the proposed loan program.

She also said the development projects that the loan will bring to the upland barangays will deter any communist threat that is disturbing the peace and development of the upland villagers.

“Let us do this now because this will benefit our children. This will be our legacy for our future generation,” Binwag said.

Officials of the provincial government said the PLGU-DOF loan program will not give any single centavo burden among the beneficiary communities, barangays and municipalities as the loan proceeds for its health component is zero interest while the infrastrcture component is only at 4.25 percent.

Governor Carlos Padilla said the province is capable in paying the loan considering its annual Internal Revenue Allotment (IRA) and with the implementation of the Mandanas Case by 2022, giving additional IRA allotments to local government units in the country. (MDCT/BME/PIA 2-Nueva Vizcaya)

source https://pia.gov.ph/news/articles/1050022

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