PIA Press Release
Tuesday, January 24, 2012
P275M loan for 2 infrastructure projects underwent legal processes --Gov. Ramiroby Pat Nano
OROQUIETA CITY, Misamis Occidental, Jan. 23 (PIA) -- Governor Herminia Ramiro assured the people of the province that the P275 million loan with the Philippine Veterans Bank (PVB) for two infrastructure projects underwent the necessary legal processes.
Ramiro gave the assurance during a press forum after the ground-breaking and capsule-laying ceremony for the renovation of the Provincial Capitol Building and the Misamis Occidental Provincial Athletic Complex held in the capitol, recently.
She said the conceptualization and feasibility studies for the projects, including their budget hearings by the Sangguniang Panlalawigan (SP) took almost a year.
Ramiro is confident that the provincial government can easily pay the needed amortization of the loan because of the increase in the Internal Revenue Allotment (IRA) for each province every year.
She said this assumption was based on her consultation with the Provincial Finance Department which designates the funds of the province.(PIO/PIA-10 Mis. Occ.)