Rama wants SRP loan repaid before term ends
South Road Properties (SRP) CDN Digital photo | Brian J. Ochoa (file photo)
CEBU CITY, Philippines — Cebu City Mayor Michael Rama wants the loan for the South Road Properties (SRP) paid off before this political term ends.
The mayor has made a marching order to the finance departments of the city to complete the process that would allow the city to pay off the remaining SRP loan.
“I have already made a marching order, and I wish that Jerome Castillo, the consultant of the mayor for finance to be on top of this. Furthermore, it is being assisted by Anton Agujar, who is assisting the finance from the Office of the City Administrator,” said the mayor.
Rama wants the loan to be paid off because it was part of the promise of late Mayor Edgardo Labella to the city residents, a promise which he plans to fulfill with respect to the late mayor’s wishes.
The mayor admits the payment of the loan is long overdue as the city has always been capable of the paying the remaining balance especially that there is only P1.1 billion left to pay.
“It has long been overdue. If di lang tungod sa tikas pag 2016 (If not for the cheating in 2016), then we would have been able to pay off that loan,” said Rama.
He was referring to his claims that the 2016 elections was rigged when he lost to former Mayor Tomas Osmeña in one of the first electronic elections in the country.
The term of the late Labella, which Rama continued, should end by July 2022 and Rama has ordered the loan paid off before then so that it may be a lasting legacy of the Labella-Rama administration.
The City Council has already approved a total P1.1 billion budget from the Annual Budget and Supplemental Budget No. 1 for the pre-payment of the loan.
The City Treasurer’s Office and City Accounting Office are in the process of completing documents that need to be submitted to the Landbank of the Philippines (LBP) to facilitate the prepayment of the loan.
He said the budget the city had allocated should be enough for the interest up to August 2022 so the city should pre-pay the loan before then.
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