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Note 28. Borrowing Cost

All costs incurred in connection with borrowing are treated as expenses in the period in which
they are incurred. However, borrowing costs (interest and fees) related to the construction of
the project "Design & Build of Multipurpose Evacuation Center with Basic Facilities and
Site Improvement" were capitalized as work in progress during the construction phase. The
amount of borrowing cost (interest and fees) capitalized during the period amounted to
₱3,231,401.32.




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