DAVAO ORIENTAL-- Governor Corazon N. Malanyaon recently met with the executives of the Landbank of the Philippines and the Development Bank of the Philippines discussing with the two government financial institutions the province’s outstanding loans needing further assessment and evaluation.

Malanyaon expressed concern over the mortgage amidst the impending reduction of the Internal Revenue Allotment (IRA) in 2023.

She said that next year, the IRA will be significantly reduced by P400 million or close to half a billion, a significant reduction to the province’s income, of which 85 percent will be utilized for debt servicing.

But despite the situation, she remained committed to continue pursuing executive actions towards economic recovery by providing basic infrastructure and creating a favorable environment for investment, tourism, and agriculture.

Attending executives of the two development banks vowed their support and commitment to the provincial government. They told the governor that  they will make the necessary adjustments based on the guidance of the  provincial government.

Malanyaon, who assumed office as the local chief executive of  Davao Oriental, inherited more than P2 billion debt which was utilized for various big-ticket development projects.

These projects included infrastructure projects in the barangays such as potable water systems, acquisition of heavy and light equipment, rescue vehicles, and early warning system, among many others. (Davao Oriental PIO/jmda)