Goking to COWD:Seek loan from LBP

“Why look at Local Water Utilities Administration (LWUA)? Why look at other banks? We have the Land Bank of the Philippines (LBP) that has a credit line of P7.5 Billion (for the City)”.

This was stressed by Councilor George S. Goking, chair of both the City Council committees on trade and commerce and on ways and means, as he shared his ideas on finding ways to sustain the water needs of the city and of the COWD on the lack of funds to finance its projects.

During the regular session presided over by Presiding Officer Pro-Tempore Councilor Romeo V. Calizo, Engr. Antonio B. Young of the Cagayan de Oro Water District (COWD), presented the plans and programs to address the water supply problems in the city. Councilor Goking said the problem of COWD is the lack of funds to finance its projects. He said that during a meeting with the Bureau of Local Government Finance on the Ease of Doing Business, it was confirmed that the city government has a very good credit line.

“The City of Cagayan de Oro has a P7.5 billion credit line with the LBP nga natagaan na ta’g P1 billion for revenue-generating programs. Ang atong LBP is giving more or less 2-percent per annum for the next 25 years, three years kung di ka mobayad sa principal you do not have to pay interest,” Councilor Goking stressed.

“We are a good paying local government…maayo ta mobayad sa loan”, he said. Councilor Goking said with that money, the city government and COWD can work for the betterment of the water district in the next years.