The Sangguniang Panlungsod (SP) of Koronadal has passed an ordinance authorizing the borrowing of the city government with Development Bank of the Philippines (DBP) in the amount of P300 million to fund the constructions of the Koronadal Public Market Buildings.
Under Ordinance No. 19, series of 2021, the City Council authorized the City Mayor to enter into a loan agreement with DBP.
It said the construction of the Koronadal Public Market Buildings is in line with the local infrastructure and socio-economic development projects of the city and is in accordance with the approved City Development Plan and the approved Annual Investment Plan of the City of Korondal.
The entire proceeds of the borrowing are appropriated exclusively to finance the construction of the Koronadal Public Market Building.