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Gov Davide: Cebu has funds to pay P1.5B DBP loan

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Cebu Governor Hilario Davide III said the provincial government has enough funds to pay its P1.5-billion loan from the Development Bank of the Philippines (DBP).

The loan agreement will be used to build a 20-story building in the Capitol Compund.

The new building will be located at the site of the old Bureau of Agriculture Extension (BAEx) building.

The Cebu politiko vowed that the public will not shoulder the burden of paying the loan.

The Cebu provincial government is expected to pay P23 million per year for 10 years, including a 2.9% interest rate.