The Local Government of Aklan and the Philippine National Bank (PNB) signed the P260 million bond floatation agreement on Thursday, December 17. The ceremony was held in the conference room, Capitol, Estancia, Kalibo. Signing in above picture are Cong. Florencio T. Miraflores, Gov. Carlito S. Marquez, Lydia Orial, President-LGU Guarantee Center, Rafael Ayuste, Jr. - First Senior Vice Pres., PNB, Rita Robles - AYN Exec. Vice President, Rogel Zenarosa, SVP - PNB, Chito Narvasa, AYN Pres., and Alfonso Tanseco, SVP - PNB.
The provincial government of Aklan under the leadership of Governor Carlito S. Marquez and the Philippine National Bank (PNP) officials headed by Chito Narvasa signed the contract on the P260 million Bond Floatation Contract. The contract signing was held in the Governor’s conference room, Capitol, Estancia, Kalibo on Thursday, December 17. Under the terms of the contract, the LGU Aklan will issue bonds valued at P260 million. The bonds will be of various denominations starting from P10,000 and bigger. The bonds will be available in all PNB branches, including Kalibo branch, will earn six (6) percent interest per year.
The bond proceeds will be managed by the PNB for the financing of various development projects like the land reclamation project estimated to reclaim 1.3 hectares according Gov. Marquez. The money will also be used for the improvement of the Caticlan Jetty Port.
The bonds will be payable in 10 years. During the press conference that followed the signing ceremonies, Marquez stressed the benefits the bond will give the Akeanons.
First, it will provide employment to our people as 35 percent of project cost will go to labor or it will create more jobs; second, the project will reclaim about 1.3 hectares of land that the provincial government will automatically own; third the tourism infrastructure and facilities will be improved thereby increase tourists arrivals both local and foreign which will again create more jobs, and provide markets for local products like food, souvenir items, and others.
The contract signing was witnessed by Cong. Joeben T. Miraflores, members of the Sangguniang Panlalawigan Jean O. Rodriguez, Selwyn Ibarreta, Wilbert Ariel Igoy, Rodson Mayor, Jose Yap, Daisy Sucro Briones, Nemesio P. Neron, Jerick Templonuevo, Plaridel M. Morania, Teody M. Masangya, Sr., and Jun Rey I. Tordecillas, and the members of the Aklan media. /MP
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