Cebu LGUs urged to avail of ADB loan
CEBU, Philippines — Cebu local government units should take advantage of the financial assistance available at the Asian Development Bank (ADB) to rebuild the economy that has been badly affected by the COVID-19 pandemic and typhoon Odette.
Undersecretary Anthony Gerard ‘Jonji’ Gonzales made this call when he spoke at the gala dinner for the ADB Board of Directors. The ADB board came to Cebu for a familiarization visit.
Gonzales called on the LGUs to take advantage of the “rare opportunity” to work together with ADB to rebuild a better Cebu and the Visayas after being devastated by COVID-19 and Typhoon Odette.
“I am confident as well that our friends from the Asian Development Bank who are here with us for the last couple of days have seen the potential of Cebu,” he said.
Gonzales disclosed that ADB had previously allocated 600 million dollars for loan in favor of the Philippines. “But with the able leadership of ADB Philippines executive director, Mr. Paul Dominguez, the amount is now at three billion dollars.”
ADB offers loans, grants, technical assistance and debt management products to governments and public sector entities such as state owned enterprises in all developing member countries.
ADB loans have low interest of between 1.5 percent to four percent, depending on the type of loan and the payment period.
ADB had allocated a $2-million grant for the Typhoon Odette Emergency Response.
Also, it has approved a $1.75-million loan to help build three new climate-and-disaster-resilient bridges over the Marikina River. This project is part of President Rodrigo Duterte’s Build, Build, Build thrust.
Tough Ride
“The past couple of years has been a tough ride for Cebu, as much as it was for the rest of the country and the world,” Gonzales said in a press statement sent to The FREEMAN.
Gonzales then stressed the need for LGUs to invest in the “essential components for healthy development.”
He cited tourism, transportation, waste-to-energy, water supply and power projects as among those needed for economic development.
Gonzales also urged the ADB to consider the potential of Cebu economy.
“Cebu is the second largest metropolis and the richest province in terms of assets in the country, thus it is endowed with endless opportunities,” he said.
As one of the tourism hub in the Visayas and the Philippines, Gonzales noted that Cebu “offers a wide avenue for potential investors.”
According to him, transportation and tourism infrastructure for one needs to be upgraded as the population continues to grow.
Cebu was the first to push for an integrated intermodal transport system which consists of monorail, bus rapid transit system, and cable cars, all interconnected for our people’s ease of movement inasmuch as easing the traffic situation that would positively impact the local economy.
He also explained that eco-tourism, which is one of the key tourism initiatives that protect the environment, is also an investment worth exploring. – JMD (FREEMAN)
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