Labella confident on passage of P4.4B supplemental budget
Mayor Edgardo Labella is optimistic that his proposed P4.4 billion supplemental budget will be passed by the Cebu City Council as this contains the allocation to pay off the loan for the building of the South Road Properties (SRP).
The supplemental budget set to be presented to the Council today, June 9 includes the P1.2 billion allocation to pay the outstanding loan balance.
“This is good. We will no longer be paying interest of the loan. We can use the money for more projects,” said Labella. (https://bit.ly/2REBGZw)
Vice Mayor Michael Rama, he added, supports the passing of the budget because it also contains allocations for the hiring of doctors and nurses to man the vaccination program that he heads.
The mayor hoped for an early passage of the bill so the city government can intensify the vaccination program with more sites operational.
The supplemental budget will be sourced from the SRP lot proceeds.