THE MANILA CITY government signed a P10-billion loan agreement with the Land Bank of the Philippines for financing of upgrades of key facilities, LANDBANK said in a statement on Tuesday.
The city government will use the money to upgrade facilities related to health, education and tourism, among others, including renovation or construction of the Ospital ng Maynila Medical Center, the Pamantasan ng Lungsod ng Maynila School of Medicine Building, the new City Hall building and the Manila Sky Deck; rehabilitation of Manila Zoo and development of Pandacan Depot into a commercial district; as well as “acquisition of equipment, furniture and fixture for these projects.”
LANDBANK provides such Omnibus Term Loan Facility to provinces, cities and municipalities whose projects form part of the bank’s Approved Local Development Plan or Annual Investment Program. “This eliminates the inconvenience and associated transaction cost in having to secure loan approval for every single project to be implemented,” LANDBANK said in its statement. — LWTN