SoCot allots P1-B funding for priority infra projects

SoCot allots P1-B funding for priority infra projects

GENERAL SANTOS CITY – The provincial government of South Cotabato is investing an additional PHP1 billion starting this year for the implementation of various priority development projects in the area, an official said.

South Cotabato Gov. Reynaldo Tamayo Jr. said Wednesday the preparations are underway for the rollout of the infrastructure projects, which will be funded by a loan from the Development Bank of the Philippines (DBP).

He said the loan, which was finalized earlier this month, covers five components that were prioritized by the local government under a financing agreement with DBP.

“This includes the construction/renovation/completion of the Productivity and Technology Center or Protech building, construction of hospital building and rehabilitation/replacement of the existing rubberized oval track and/or construction of additional rubberized oval track within the province,” Tamayo said in a statement.

He said it will fund other projects identified under the province’s development and infrastructure program.

Part of the loan was earmarked for the construction of the three-story right-wing building at the provincial capitol in Koronadal City, he said.

The proposed structure will house the Provincial Environment Management Office, Provincial Engineer’s Office, Provincial Veterinary Office and other units based outside the provincial capitol compound.

The construction of the PHP200 million left-wing building is ongoing and is targeted for completion in September.

It will host the Provincial Planning and Development Office, Provincial General Services Office, Provincial Security Unit and the Human Resource and Management Office.

The new loan, based on the contract, was granted by DBP through its Omnibus Term Loan Facility, which is set for 12 years.

Tamayo signed the loan agreement for the local government based on the authority issued by the Sangguniang Panlalawigan or provincial board through Ordinance No. 06, series of 2021. (PNA)

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