|
LAND
Bank of the
Philippines
has approved a P75-million loan package to the
provincial government of Marinduque to “fast-track”
major infrastructure projects in the province.
In a
statement, the bank said the money will be used to
upgrade the equipment that will be used to repair and
maintain the province’s road network, bridges, drainage
and sewage systems.
The loan
is also expected to help develop farm-to-market roads to
aid commerce and boost tourism in the province.
Currently, LandBank has more than P28.4 billion worth of
outstanding loans given to 647 municipalities, cities
and provinces for infrastructure expenditures, as well
as the development of biofuels.
One of
the biggest allotments this year is the P4.3 billion to
the local government of Quezon for the production of
biofuels from the jatropha plant.
A
similar agreement was signed recently in Iligan City
worth P6 million for the cultivation of jathropa in
1,500 hectares of marginal land; as well as in Cagayan
de Oro for P9 million for the cultivation of the
fuel-producing crop in 200 hectares of land.
The bank
recently approved the release of a P1.05-billion loan
package to finance infrastructure projects in the
provinces of Davao del Norte and Compostela Valley.
It also
recently approved a P320-million loan package to finance
infrastructure projects in Negros Occidental for the
construction of farm-to-market roads and the creation of
new water pump systems. |
