The Bangko Sentral ng Pilipinas has processed 198 requests from local government units seeking Monetary Board opinion before they could proceed to borrow money for various projects, mostly for infrastructure development.
In a statement, the BSP said of the 198 requests, the Monetary Board issued its opinion only on 184 proposed LGU loans to borrow P44.8 billion during the period. The remaining 14 LGU requests have incomplete requirements and will be processed once all data is submitted to the BSP. The BSP said 67.5 percent of proposed LGU loans were for infrastructure projects such as: construction and/or improvement of government buildings; public markets; multi-purpose/convention/commercial buildings; farm-to-market and access roads; water system; health care facilities or hospitals; school buildings; sports complex or gymnasium; and public transport terminals.
Only two percent of the total proposed LGU loans were intended for COVID-19 response, said the BSP. These include: construction of monitoring/isolation facilities and rehabilitation areas; acquisition of service vehicle for disease surveillance and contact tracing; and procurement of medical equipment, reagents, testing kits, and protective personal equipment sets.
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