Bills/Bonds/Loans Payable 2024 2023
Loans Payable – Domestic ₱ 379,663.50 ₱ 379,663.50
Total Financial Liabilities ₱ 6,495,529.35 ₱ 2,298,799.21
a. Terms of payables
Trade payables are non-interest bearing and are normally settled on 30- to 60-day
terms. Other payables are non-interest bearing and have an average term of six
months. Interest payable is normally settled quarterly throughout the financial year.
b. Loans Payable – Domestic
On 07 December 2022, the Sangguniang Bayan of Bindoy issued Resolution No.
2022-247 entitled “Resolution Authorizing Municipal Mayor Eniego C. Jabagat to
Negotiate and Enter into a Contract of Loan, in behalf of the Local Government Unit
of the Municipality of Bindoy, Negros Oriental, with Land Bank of the Philippines
for the Grant of Loan not Exceeding the amount of One Hundred Million
(₱100,000,000.00) to finance Construction of New Bindoy Waterwork Systems”.
On 23 June 2023, a Loan Agreement was made and executed by and between Land
Bank of the Philippines, and the Local Government Unit of the Municipality of
Bindoy, represented by Municipal Mayor Eniego C. Jabagat, subject to the following
terms and conditions:
Summary of the Terms and Conditions
a. Name of lending Land Bank of the Philippines
institution
b. Total loan amount (in Php Php 100.00 Million, or contract price, whichever
million) is lower but shall not be more than the net
borrowing capacity per BLGF Certification
c. Purpose/s Construction of New Bindoy Waterwork
Systems
Mode of Acquisition: Local Purchase
d. Interest rate (in percent per LANDBANK’s prevailing rate at the time of
annum) availment, subject to quarterly repricing.
Reference rate: Three (3) month BVAL
reference rate plus a spread based on credit
rating
(Indicative Rate: 5.50% p.a.)
e. Term/tenor (in no. of Fifteen (15) years inclusive of three (3) years
years) grace period on principal
f. Repayment terms and Principal – Payable in equal quarterly
conditions amortization to start at the end of the 13th quarter
after date of initial release
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