DBP Okays PHP400-M Loan for Construction of Mandaue City Public Market

The Development Bank of the Philippines (DBP) has approved a PHP400-million loan for the Mandaue City Government to be used for the construction of the city’s new public market, an official said.

Mandaue City Treasurer Regal Oliva said the city has to build a new market because the existing market building was declared unfit for occupancy following the 7.2 magnitude earthquake on October 15, 2013.

Oliva said the city is now waiting for a document from the Monetary Board of the Bangko Sentral ng Pilipinas certifying the local government unit’s borrowing capacity.

The certification is required for the loan to be released.

The market building behind the City Sports and Cultural Complex, itself constructed through a loan, was severely damaged by the earthquake.

Oliva said the city incurred a loan of about PHP500 million, also from DBP, for the market building, whose construction started in 2005 during the time of former mayor Thadeo Ouano, now a member of the Cebu Provincial Board.

The facility was not operational until its completion in 2012.

Oliva said the city still has to pay a balance of PHP180 million from the previous loan. (PNA) LAP/EB/SSC