P’sinan mayor defends P55M loan

BINMALEY, Pangasinan — The plan of the municipal government here to obtain a new loan of P55 million from the Land Bank of the Philippines was defended by Binmaley Mayor Lorenzo Cerezo.

Cerezo said the loan will be used to finance income-generating projects of the municipal government.

Cerezo said the loan is needed because of the urgent need to stimulate business activities in the town, which already earned the revered name as the seafood capital of the province.

A first-class town, Binmaley has an overall income of P100 million with at least P89 million coming from Internal Revenue Allotment (IRA) of the municipality and only P11 million from local income.