A TWO-STORY modern public market will soon rise in Barili town in western Cebu after the Landbank of the Philippines (LBP) approved a P200 million loan to fund the project.
Barili Municipal Mayor Julieto “Julie” Flores led the ceremonial signing of the memorandum of agreement (MOA) together with the bank’s representative on Friday, November 19, 2021.
Once completed, the new market will be able to hold a total of 700 stalls. It will be built in the existing and old public market in Barangay Poblacion.
Flores told SunStar Cebu that 20 percent of the town’s Internal Revenue Allotment will be used as a guarantee for the loan that is payable within 10 years.
He said the Commission on Audit has already issued a clearance for them to proceed with the project.
“Maybe by the second week of January, we can start clearing the old market,” Flores said in Cebuano.
Flores said they are now crafting a traffic management plan to ensure that the day-to-day operations of the market will not be hampered during the construction period.
He said the project did not face any opposition from the vendors as they prepared 60 tents to serve as temporary stalls where they would stay while the market was being constructed.
Majority of the members of the Barili Municipal Council also approved a resolution that allowed the mayor to sign a deal to borrow money for the construction of the new market, Flores added.