ZCWD inks P300M loan with LBP PDF Print E-mail
Wednesday, 11 December 2013 11:45

The Zamboanga City Water District (ZCWD) and the Land Bank of the Philippines (LBP) signed on December 5, 2013 a Memorandum of Agreement (MOA) for a P300 million term loan.

The MOA signing by ZCWD General Manager Leonardo Rey D. Vasquez and Assistant General Manager for Finance Roberto R. Mendoza and LBP Executive Vice President Cecilia M. Borromeo, Vice President Ma.  Celeste M. Burgos and Board Director Gerardo J. Bulatao was held at the Rigodon Ballroom, Patio Palmeras, this city.

Under the MOA, a total of P207 million will be used to take out outstanding term loans with Security Bank Corporation (SBC) and Development Bank of the Philippines (DBP) that were acquired previous years at higher interest rates. The loans from the two banks were availed to frontload the cost of infrastructure projects of the water district. The balance of P93 million will likewise be used to finance the replacement/rehabilitation of old pipelines and other civil works. In availing this new term loan, ZCWD will save thousands of pesos in interest charges.

Included in the terms and conditions of the MOA is also the payments by ZCWD of its SSS, Pag-ibig, Philhealth contributions and taxes to the government which will also be coursed  through LBP.

Present to witness the MOA signing were ZCWD Board Chair Nelida Atilano, Vice Chair Efren Arañez, Directors Edwin Makasiar, Edwin Caliolio and Milagros Fernandez. Likewise present were LBP’s Mindanao Lending Group Head Roel A. Tarroza and Account Officers Jaime Cabayacruz and Michael P. Aragones. — MDCG, PRO