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Bacolod City, Philippines Tuesday, July 17, 2012
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‘Central bank delaying
gov’t infra projects’

The construction by the provincial government of a two-storey classroom building at the Negros Occidental Provincial High School in Bacolod City, and numerous other projects being built by local governments with loans from banks, have been delayed.

This is due to a new Central Bank circular requiring the release of all bank loans to local government units to be subject to review by the monetary board, Negros Occidental Gov. Alfredo Marañon Jr. said yesterday.

The construction of the Negros First Cyber Center at the Paglaum Sports Complex in Bacolod City has not been affected by this since the loan for its construction had already been released, the governor said. It is expected to be completed in march next year.

Meanwhile, Land Bank of the Philippines representatives yesterday conducted an audit of sheep purchased by the provincial government from Australia with a loan from the LBP.

They were satisfied with the inspection because the sheep purchased from Australia now have more than 100 offsprings at the Negros First Ranch in Murcia, while those dispersed to various recipients also gave birth to 100 more, the governor added.*CPG

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