Saturday, May 17, 2014
The Metro Bacolod Chamber of Commerce and Industry will help the Bacolod Water District arrange with the Development Bank of the Philippines
so the financial institution could "take out," or pay the water P500 million loan of the utility firm with the Local Water Utilities Administration.
MBCCI president Frank Carbon said they met with BACIWA officers recently and were told by its manager, Juliana Carbon that the water district is paying at least 12.5 percent in interest to LWUA annually.
Carbon said that if DBP pays the debt of BACIWA from LWUA, the water district will pay DBP for the amount it paid at only four to five percent in interest, he said.
BACIWA had coordinated before with the DBP for a similar arrangement but LWUA had disallowed it.
Carbon said they have communicated with new LWUA chief, Andy Ibarra, who said they will allow the transaction.
He said MBCCI has discussed this with the DBP executive vice president for branch banking sector, Anthony Robles.*APN
