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LBP SEALS 230 MILLION PESOS LOAN AGREEMENT FOR MANGIMA SPRING RESORT
Reconstruction of Mangima Spring Resort
MONDAY ‒ Loan Signing Ceremony for Mangima Spring Resort reconstruction and improvement between Landbank of the Philippines (LBP) and the Local Government Unit of Manolo Fortich, led by Municipal Mayor Rogelio N. Quiño, took place on January 8, 2024 at the New Government Center Lobby, Barangay Tankulan, Manolo Fortich.
Vice President Jimmy P. Arco of LBP CDO Lending Center, along with Ashlea M. Balabagan of LBP Manolo Fortich Branch, and Mayor Rogelio N. Quiño with Municipal Treasurer Zoraida C. Lozada led the loan signing ceremony for the contract price of 230 Million Pesos. Altogether, it was witnessed by the Sangguniang Bayan Members headed by Vice Mayor Reynaldo L. Bagayas Jr. and the head of offices headed by Municipal Administrator Engr. Joie Caesar M. Gaid.
The contract price’ availability period will be one year from the date of signing the loan agreement. It will be released through staggered or installment procedures, with 15% as the initial release from the sum amount, based on the work program of the project according to the Special Conditions of the Contract presented by Lozada during the ceremony.
VP Arco explains the loan’s purpose in choosing to finance Mangima Spring Resort, a government-owned resort of Manolo Fortich, instead of other needed public establishments, “Kining atong gipirmahan nga loan, nangutana ang nag approve nga committee kung ngano resort na ang gi finance sa Manolo. Kasagaran man gud LGU, dalan, public market, ug bus terminal ang ipa finance. Among giignan nga naa naman ang Manolo Fortich ana tanan.”
Moreover, details of the loan’s terms and repayment will run for up to 15 years, inclusive of 2 grace periods. Reconstruction and improvement of Mangima Spring Resort will include a hotel and restaurant, with the target to further open its doors in alleviating the comfort of the tourists, visitors, the LGU’s guests, and the like.
“Ang Landbank karon nga tagline, ‘Serving the Nation’ na kay mao na ang sugo sa gobyerno, to uplift the countryside. So, align pud ni sa mga local government units na gusto mo asenso pud ang ilang lokalidad. Usa ang Manolo Fortich sa pinaka the best nga munisipyo sa Pilipinas na na-finance sa Landbank. Naay loans, naa pud deposit.”, says VP Arco in his remarks during the ceremony on signifying the pursuit of LBP for the locality.
In a statement, Mayor Quiño help boost turist arrivals in the municipality. “Actually, dugay na ni nato nga plano na e-improve gyud nato ang Mangima, specially ang resort nato. Tungod sa dugay na nga panahon na wala gyud natandog tungod kay kulang sa budget. So ang nahitabo, nagplano ta mag-loan ug karon na approve na gyud ang loan. Nag MOA Signing na for the improvement of Mangima Spring Resort. This hotel will conform the tourist standard. Gwapo ni nga hotel so paningkamutan nato na target time frame nato nga mahuman gyud ni siya kay anyway naa naman funding.”
Other than widening the tourism opportunities of Mangima Spring Resort, its expansion and renovation will also pave the way for additional employment opportunities for Manoleños. It is serving more of the LGU’s goal, through the vision of Mayor Rogelio N. Quiño, in uplifting the economic stance of the municipality.
Jam Emano
Editor
Date Posted: January 09, 2024
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