Cabanlas: Proposed P8.5-B loan will not affect city funds

Cagayan de Oro City Councilor Edgar Cabanlas assured the public that the proposed P8.5-billion loan for the new city government complex would not strain the city’s finances, saying the proposal had been carefully studied and calculated.

Cabanlas clarified that the City Council’s approval at this stage covers only the authority for the mayor to negotiate the proposed loan and does not constitute final approval for the city to borrow the amount.

He explained that the P8.5 billion represents the total estimated project cost, while the loan would be drawn gradually, depending on the city’s needs. He added that the project aims to prepare the city for future expansion and the growing demand for public services.

Based on projections from the City Engineer’s Office, the project is expected to be completed within 30 months.

Cabanlas also acknowledged concerns raised by those questioning or opposing the proposal, assuring them that their views would be considered before a final decision is made. (PGU/SP)