LUNA, Apayao – The provincial government has secured a PhP700 million loan from the Land Bank of the Philippines to support its growing portfolio of infrastructure projects in the province—an investment aimed at driving inclusive development, improving public service delivery, and creating long-term economic impact.
The loan was secured under LANDBANK’s Enhanced Lending Program for Local Government Units (ELPG for LGUs), and was finalized following the approval of Sangguniang Panlalawigan Resolution No. 241, Series of 2024, signed on November 28 last year. The contract was executed by Governor Elias C. Bulut Jr.
The loan will be released in tranches, starting with 15% upon the province’s completion of pre-disbursement requirements. These include a Monetary Board opinion, an Environmental Compliance Certificate, endorsements from national agencies such as the Department of Public Works and Highways (DPWH) and Department of Education (DepEd), and a local ordinance authorizing the borrowing. Succeeding disbursements will be based on construction progress, verified by LANDBANK.
To safeguard accountability and ensure responsible use, the agreement includes several financial controls. The provincial government must designate LANDBANK as its principal depository bank and assign 20% of its National Tax Allotment (NTA) as security. The loan proceeds are earmarked strictly for infrastructure and cannot be diverted to unrelated expenses. Compliance will be monitored by oversight agencies including the Bureau of Internal Revenue (BIR).
The long-term plan envisions a network of well-planned, service-ready infrastructure that supports Apayao’s vision of becoming a self-reliant, sustainable province. From civic centers to transport connectivity, the provincial leadership has identified infrastructure as a cornerstone of economic recovery and resilience.
Present during the loan signing were LANDBANK-CAR Lending Center Head Monaliza P. Marayag, Account Officer Esel C. Alvarez, OIC Provincial Treasurer Wilma K. Ikatan, and various department heads from the provincial government. By Diocen D. Tolentino
