The Cebu Provincial Board has approved the provincial government’s P462.6-million Annual Investment Program (AIP) for 2015.
During its regular session yesterday, the PB passed a resolution adopting the AIP.
According to the resolution authored by PB Member Grecilda Sanchez, the AIP will be funded by 20 percent of Cebu’s internal revenue allotment (IRA) for this year.
Gov. Hilario Davide III presented the AIP before the Provincial Development Council (PDC) last Oct. 13 and was approved at council level.
The AIP is drawn up by every city, municipal and provincial government to identify priorities for development.
This year’s AIP is up by P55.6 million compared to last year’s P407 million due to the increase in the IRA.
The P462.6 million AIP is included in the P3 billion annual budget of the provincial government.
The Davide administration aims to invest in heavy equipment, the acquisition of which will be funded through a loan.
Capitol has included P110 million in the AIP for loan servicing.