City pays P218 million

CEBU, Philippines - The Cebu City government has paid its amortization of P218 million for the loan it took from the Japan International Cooperation Agency to develop the 300-hectare South Road Properties.

This was confirmed by city treasurer Diwa Cuevas who said they paid their dues last February 20 to JICA through Land Bank of the Philippines for this year’s first quarter. The city pays its amortization loan in a semi-annual basis.

The amount represented the 19th amortization of the 12.315 million yen or P6.5 billion loan from JICA which is expected to be paid off in 2025. 

Cuevas said the P218 million was taken from the proceeds of business permits amounting to P750 to P800 million.

Meanwhile, the city will build a more spacious motorpool near Filinvest project at SRP.

City Administrator, Dr. Lucelle Mercado, said the new motorpool will be more equipped with mechanical, body, repainting, air-conditioning repairs.

She already directed the General Services Office to conduct thorough inventory of the city-owned vehicles that are still in good condition for possible auction this month.

“We don’t want bringing in junk back in the new motorpool,” she said.

There are about 200 vehicles subject for auction but Mercado said the vehicles are set for further checkup and evaluation.

“Out of that so many, probably naa tay five vehicles nga serviceable pa at least naa pa tay ma salvage and makakwarta ang city out of it,” she said.

“Sayang ba kay daghan ang matimbang. We have to remember ang junk baya mo depreciate ang value if exposed sa elements,” she added.  (FREEMAN)