Valencia City secures P2.74-B LandBank loan for major projects

The current city hall of Valencia, Bukidnon, located at the heart of the city, is set to be replaced by a modern structure, funded by a P2.74 billion loan agreement with the Land Bank of the Philippines. (INQUIRER Mindanao / Mel N. Velez) VALENCIA CITY, Bukidnon — The city government here officially finalized a P2.74 billion loan from the Land Bank of the Philippines (LANDBANK) on Wednesday, marking a significant milestone in accelerating the city’s development. The loan is strategically earmarked for major capital expenditures, including the construction of a new Valencia City Hall, the upgrade and expansion of the Valencia City Good Samaritan General Hospital, the improvement of evacuation centers and community facilities, and the procurement of heavy and medical equipment. Mayor Amie Galario said these projects support the city’s growth and its aspirations to accommodate a rising population and economy. Article continues after this advertisement LandBank’s financing program for the local government units is anchored on countryside development, providing long-term repayment structures, competitive interest rates, and support for high-urbanization goals. Repayments for the loan are typically sourced from regular LGU revenues, such as the National Tax Allocation (NTA) and local tax collections, secured through standard credit enhancers and strict loan-purpose clauses to ensure transparency and proper financial compliance. /gsg Your subscription could not be saved. Please try again. Your subscription has been successful.