LANDBANK Turnovers Certificate of Full Payment of SRP to Cebu City

A ceremonial turnover of the South Road Properties (SRP) was held at the Cebu City Capitol today, September 19, 2022.

Land Bank of the Philippines (LANDBANK) has officially turned over the certificate of full payment to the Cebu City government.

After 27 years, the city of Cebu has fully paid the loan for SRP, a loan granted by the LANDBANK.

The Cebu City government announced that they had fully paid the loan last August 30, 2022 — 3 years ahead of its maturity date. The said loan was payable in 30 years or until 2025.

In a press release, City treasurer Mare Vae F. Reyes confirmed that the city paid on August 19, 2022, through debit from its LBP account its last amortization amounting to P145,631,585.45, then the balance of P759,267,020.82 last August 23, 2022.

In total, the Cebu City government paid P904,898,606.27 in August to fully repay the SRP loan.

It was in 1995 that the Cebu City government received a 12.315 billion yen loan (P4.65 billion at that time) from the Japan International Cooperation Agency through LANDBANK for the construction of SRP.

Now SRP has become one of the key landmarks not just in Cebu City but also in Cebu as a whole. (ASC)