Dateline Iligan. LGU TO SAVE P30M IN PROPOSED DEBT “BUY-OUT” SCHEME
Iligan City Government could save as much as P30 Million in a debt “buy out” proposed by an unnamed financing institution.
Acting Mayor Ruderic C. Marzo told newsmen that the unnamed bank offered a much lower rate of interest than the present debtors which imposes 14% per year.
If the deal is closed, Marzo said the local government could save about P30 to P40 Million.
Marzo admiited that he is in favor of the said scheme because it could help cover up the shortage of funds for different programs and projects including wages of casua employees.
It was learned that for fiscal year 2015 about P100 Million was appropriated for amortizations of loans accumulated over the years.
The loans involved funding for the Northbound Integrated Bus and Jeepney Terminal, Central Material Recovery and Composting Facility (CMRF) and the Water System Improvement Project.
Acting Mayor Ruderic C. Marzo told newsmen that the unnamed bank offered a much lower rate of interest than the present debtors which imposes 14% per year.
If the deal is closed, Marzo said the local government could save about P30 to P40 Million.
Marzo admiited that he is in favor of the said scheme because it could help cover up the shortage of funds for different programs and projects including wages of casua employees.
It was learned that for fiscal year 2015 about P100 Million was appropriated for amortizations of loans accumulated over the years.
The loans involved funding for the Northbound Integrated Bus and Jeepney Terminal, Central Material Recovery and Composting Facility (CMRF) and the Water System Improvement Project.
The New Ranao Star
