The city government of Valencia in Bukidnon has secured a substantial loan amounting to P2.74 billion from the Land Bank of the Philippines. This financing is intended to facilitate essential infrastructure projects that aim to modernize local facilities.
Key Projects Funded by the Loan
Among the primary initiatives funded by this loan are:
- Construction of a new Valencia City Hall
- Expansion and upgrading of the Valencia City Good Samaritan General Hospital
- Enhancements to evacuation centers and community facilities
- Procurement of heavy and medical equipment
Mayor Amie Galario emphasized that these developments are crucial for accommodating the city's increasing population and enhancing public services.
This loan represents a major milestone in our pursuit of progress and development. We are committed to using these funds wisely to improve the lives of our constituents.
Mayor Amie Galario, Valencia City
LandBank provides financial support for local government units through competitive interest rates and flexible repayment options. The loan's repayment will primarily come from regular local government revenues, including the National Tax Allocation and local tax collections. This structured approach ensures transparency and compliance with financial regulations.
This initiative aligns with broader efforts across the Philippines to enhance urban infrastructure and services, particularly in rapidly developing areas.