Big news in Cagayan de Oro! The 21st City Council approved a resolution authorizing Mayor Rolando "Klarex" Uy to negotiate with banks and financial institutions for an ₱8.5-billion loan.
The vote tells the story. Fifteen councilors voted yes, three voted no, and one abstained. Clearly, the majority wanted to move forward.
So, what would the loan pay for? The proposed 22.9-hectare Government Complex would cover land acquisition, site development, and the construction of government buildings.
Additionally, it would fund furniture and fixtures. Ultimately, city leaders envision a centralized, one-stop government center where residents can access city services in one place.
However, not everyone cheered. During deliberations, some councilors questioned the size and necessity of the proposed borrowing.
Their main worry? Several existing city-funded projects remain unfinished. Therefore, these councilors asked whether the city should complete those first before taking on new debt.
For now, the resolution lets the city government explore its financing options. Importantly, it does not close the deal.
Still, the plan must pass the required processes and approvals. Meanwhile, residents will keep watching closely as this ₱8.5-billion proposal unfolds.
