AFTER 22 years, the Cebu City government has incurred P1 billion net foreign exchange loss in paying for the South Road Properties (SRP) loan. The outstanding balance is owed to the Overseas Economic Cooperation Fund (OECF) and Land Bank of the Philippines. “In 1996, the city has incurred the Y12.315 billion loan or about P3.1 billion for the reclamation of the SRP,” City Councilor Jocelyn G. Pesquera told members of the council. With this, Ms. Pesquera said the city government should pre-terminate the loan or pay off the outstanding balance to “lessen the burden” of hefty interests and other charges. — The Freeman
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