Cebu City needs P150M today for SRP loan
Cebu City Hall will be spending over P1 million a day to pay for the interest alone of its loan for the South Reclamation Project (SRP), said SRP manager Nigel Paul Villarete.
On Sunday, the City Government is expected to pay 288,389,482 million yen or P150.28 million, a portion of the interest, to the Land Bank of the Philippines (LBP), conduit for the Japan Bank for International Cooperation (JBIC).
City Hall accounting records show the SRP loan has ballooned from the original P2.2 billion in 1996 to P4.33 billion this year.
By September this year, the City will need over P300 million to start paying for the principal amount and loan interests, said Villarete.
Since there are no investors at the SRP yet, payments for the loan and interest will be taken from the City's general funds, which come from its revenues and taxes collected the previous year.
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Cebu City Hall will be spending over P1 million a day to pay for the interest alone of its loan for the South Reclamation Project (SRP), said SRP manager Nigel Paul Villarete.
On Sunday, the City Government is expected to pay 288,389,482 million yen or P150.28 million, a portion of the interest, to the Land Bank of the Philippines (LBP), conduit for the Japan Bank for International Cooperation (JBIC).
City Hall accounting records show the SRP loan has ballooned from the original P2.2 billion in 1996 to P4.33 billion this year.
By September this year, the City will need over P300 million to start paying for the principal amount and loan interests, said Villarete.
Since there are no investors at the SRP yet, payments for the loan and interest will be taken from the City's general funds, which come from its revenues and taxes collected the previous year.
Read More...
posted by Mohd Amin | 9:37 PM
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