A modern TWO-STOREY public market will soon open in Barili City, west Cebu, after the Landbank of the Philippines (LBP) approved a 200 million peso loan to fund the project.
The municipal mayor of Barili, Julieto “Julie” Flores, led the signing ceremony of the Memorandum of Understanding (MOA) with the bank representative on Friday, November 19, 2021.
When completed, the new market will hold a total of 700 stalls. It will be built in the old and existing public market of Barangay Poblacion.
Flores told SunStar Cebu that 20 percent of the city’s internal revenue allocation will be used as collateral for the loan which is payable within 10 years.
He said the Audit Commission had already given them permission to continue with the project.
“Maybe by the second week of January we can start cleaning up the old market,” Flores said in Cebuano.
Flores said they are currently developing a traffic management plan to ensure that the daily operations of the market will not be hampered during the construction period.
He said the project encountered no opposition from vendors as they were preparing 60 tents to serve as temporary stalls where they would stay while the market was being built.
The majority of Barili city council members also approved a resolution allowing the mayor to sign an agreement to borrow money for the construction of the new market, Flores added.