Cebu City to pay P167M for SRP loan
The amount includes 299,800,000 yen for the principal amount and 154,744,770.28 yen as interest payment.
CEBU City Hall is scheduled to pay 454.5 million Japanese yen to the Land Bank of the Philippines (LBP) for the city government’s loan that was used to fund the development of the South Road Properties (SRP).
The bill for the loan was already sent by LBP vice president Elsie Fe Tagupa to Cebu City Mayor Michael Rama last week.
“We provide you the summary of amortization relative to MCDP III-JBIC Loan No. PH-P157 computed from August 20, 2014 up to February 19, 2015 and is payable on February 20, 2015,” read the billing statement.
The amount includes 299,800,000 yen for the principal amount and 154,744,770.28 yen as interest payment.
Based on yesterday’s peso to yen conversion rate of 0.36953, the total bill of the city is P167.9 million.
Balance
City Treasurer Diwa Cuevas said the city is already preparing for the payment. “This is the first payment for the year. The city already has funds to pay. We will be paying on February 20,” she said.
In an earlier interview, Cuevas said the city has P1.4 billion cash on bank.
As of December last year, the city has an outstanding principal balance of P2.9 billion for the SRP loan.
Rama has been urging the City Council to restructure the SRP loan so that the city will only pay in peso. Three banks havesignified interest to localize the loan – Development Bank of the Philippines, Philippine National Bank and the LBP.
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