Maguindanao gets Php 1.042 billion LBP loan

COTABATO CITY - The provincial government of Maguinanao has secured a Php1.042 billion loan fromLand Bank of the Philippines to fund priority development projects, including flood control projects.Describing the loan grant historic, Maguindanao Gov. Esmael Toto Mangudadatu said of the total loan amount, Php200 million will be used in the procurement of heavy equipment like dredgers, excavators and pay loaders.

About Php342 million will fund the new provincial capitol building in Buluan, Maguindanao, according to Mangudadatu while Php50 million will be used for the construction of new provincial jail building and Php400 million for additional farm-to-market roads.A 10-percent equity (P50-M) Php500 million fund from the Phillippine Rural Development Project.He said with the Sangguniang Panglalawigan resolution, Mangudadatu was empowered to enter into loan agreement with LBP. A MOA signing was conducted Monday.Speaking to reporters, Mangudadatu said the loan grant was realized after the provincial government has fully paid all loans with other financial institutionsinitiated by his predecessor.He was hoping an additional Php700 million loan will receive green light from LBPfor the province's scholarship program, procurement of additional seedlings for farmers and establishment of a nursery.