The Cebu Provincial Board authorized Gov. Hilario Davide III to enter into negotiations with the Development Bank of the Philippines to finance construction of a 20-storey multipurpose modern building at the Capitol Compound.
During Monday’s regular session, Provincial Treasurer Emmanuel Guial said the province is likely to secure a loan since it has a reserve fund of P2 billion.
Davide said the province has a loan amount ceiling of P5.5 billion. If a loan agreement is facilitated, the PB will have to pass another ordinance to formalize it.
The province will then seek approval from the National Historical Commission since the Capitol compound is considered a heritage site.
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