Laguna lake rehab loan OK’d

THE BANGKO SENTRAL ng Pilipinas (BSP) has approved in principle the government’s plan to borrow €272.394 million from a Belgium-based bank to fund the rehabilitation of Laguna de Bay over the next two years.

BSP Governor Amando M. Tetangco, Jr. said the Monetary Board has approved in principle the government’s plan to borrow the said amount from Fortis Bank in Belgium. "The purpose is to improveits [Laguna de Bay’s] capacity as catch basin to reduce flooding in nearby towns and cities," Mr. Tetangco told reporters via text yesterday.
Edgardo C. Manda, general manager for the Laguna Lake Development Authority, said by phone yesterday that the loan will be spent for the planned dredging of the lake. "We have to dredge the lake because it is already heavily silted, since soil from nearby mountains and subdivisions are going into it. This has reduced the lake’s water quality and also its ability to hold water." -- DGKC

SOURCE: http://www.bworldonline.com/main/content.php?id=9185

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