Gov. Hilario Davide P. III — THE FREEMAN FILE

THE CEBU provincial government, through Gov. Hilario Davide P. III, signed on Wednesday the P1.525-billion loan agreement with the Development Bank of the Philippines (DBP) for the construction of a 20-storey building inside the capitol compound. The loan terms are 10-year payment period with a fixed interest rate of 2.9%. DBP will make direct disbursements to the contractor. Mr. Davide told reporters that the local government aims to have all the documentary procedures completed as soon as possible to begin construction immediately. The provincial government, in a statement last Monday, said the new building would be eco-friendly with solar power provision, efficient energy use design, and an in-house waste and sewage management facility, among others. — Main report from The Freeman