City officials called on loans and financing institutions to defer payment of loans without incurring additional interests for those affected by the structural fire that affected more than one thousand six hundred stall owners and vendors in some portions of the city public market.
In a resolution authored by Councilor Isabelo Cosalan, Jr., local legislators stated that the deferment of loan payments without incurring additional interests will help ease the financial burden of the affected stall owners and give them time to recover and rebuild their businesses for them to sustain their source of livelihood for the upliftment of the living condition of their families.
Earlier, a 5-hour fire that started shortly before midnight of March 11, 2023 destroyed a large portion of the city public market affecting more than 1,640 stall owners and caused significant damage to their businesses and established sources of livelihood.
Further, the council noted that many of the affected stall owners have allegedly taken out loans to finance their businesses and are currently facing the challenge of repaying the said loans amidst the losses and damages inflicted to their source of livelihood by the said fire.
The body argued that the COVID-19 has also affected the financial situation of the said stall owners making it more difficult for them to meet their financial obligations not only for their families but also for the financing institutions that they had existing loans.
According to the council, the local government expresses its solidarity with the affected stall owners and is committed in ensuring support and help in the recovery for the said tragedy.
The council also called on the loans and financial institutions to properly implement the deferment of the aforesaid loan payments and to extend their utmost cooperation and compassion to the affected stall owners and vendors.