The Negros Oriental Provincial Development Council has approved the request of the Provincial Treasurer's Office to incorporate in the Annual Investment Plan 2012 an addendum on the proposed P350 million loan package authority with the Development Bank of the Philippines.
The funds will be used for the construction of a four-storey central block building inside the Negros Oriental Provincial Hospital compound.
Provincial Treasurer Danilo Mendez's request was approved by the PDC executive council, headed by Gov. Roel Degamo, in yesterday's meeting attended by private sector representative Arturo Umbac and Association of Barangay Captains Federation president, Arnie Teves.
The incorporation of the P350 million loan in the AIP is one of the documents required by the province to obtain a certificate on maximum borrowing and debt service capacities from the Bureau of Local Government Finance-Department of Finance.
The addendum was anchored on the approved Sangguniang Panlalawigan resolution that granted Degamo the authority to negotiate the loan package.*JG
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