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[ Baguio City ] 3 options for city in market construction

Saturday, August 22, 2009 [ ]

By Rimaliza Opiña

THREE options are available in case the Baguio City Council approves the suggestion of a company in obtaining a loan to finance the city’s construction of new market buildings in City Camp and Pacdal.

But the public should not conclude that the suggestion based on the study done by Preferred Ventures would require study and deliberation, said Baguio City Mayor Reinaldo Bautista Jr. said.

He hinted that estimated funds for the construction of the Pacdal and City Camp buildings could build numerous satellite markets (talipapa) in various barangays in Baguio.

Loan options include bond flotation, direct loan, and through a build-operate-transfer (BOT) scheme.

Bautista noted that banks are ready to lend P1.5 to P2.5 billion to Baguio because of its good credit standing.

In the meantime, he said no improvement of these buildings is expected this year.

In the city’s annual investment and medium term development plans, no funds were allotted for the modernization and put-up of new buildings.

Preferred Ventures said financially, both proposed satellite markets can add to the city’s coffers. Both buildings will be modern and hygienic and designed depicting the city’s cultural heritage.

Parking slots will also be provided for the convenience of patrons.

Published in the Sun.Star Baguio newspaper on August 23, 2009.


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