For the Construction of Drainage System, the Loan Terms are as follows, per Notice
of Loan Approval, dated March 22, 2023:
₱50.00 million or contract price whichever is lower but not to exceed the
Amount
NBC of the LGU
Purpose To finance the Construction of Drainage System
Land Bank’s prevailing rate at the time of availment, subject to quarterly
Interest Rate
re-pricing
One (1) year from date of loan signing. If no availment is made within one
Availability
(1) year, the Bank has the option to terminate the loan.
Up to Fifteen (15) years from date of initial release/drawdown, with three
Term
(3) years grace period on principal.
Principal – Payable in 48 equal quarterly amortization to start at the end
Repayment of the 13th quarter from date of initial drawdown.
Interest – Payable quarterly in arrears to start upon initial drawdown.
The loan shall be released in tranches on a per lot basis to be credited to
the Borrower’s deposit account maintained at Landbank, as follows:
First tranche: 50% of contract price upon complete documentation,
Mode of
presentation of duly signed Deed of Absolute Sale in favour of the
Release
borrower.
Final Tranche: 50% of the contract price upon transfer of title in the name
of the Borrower.
Note 10 – Liabilities - Inter-Agency Payables
2024 2023
Inter-Agency Payables
Due to BIR ₱ 2,817,440.44 ₱ 2,851,736.37
Due to GSIS 5,943,552.75 6,053,754.34
Due to Pag-IBIG 812,259.10 696,271.41
Due to PhilHealth 2,189,810.34 8,051,402.83
Due to NGAs 32,169,239.33 30,611,951.26
Due to GOCCs 325,291.16 231,595.22
Due to LGUs 8,987,987.43 15,100,371.56
Total ₱53,245,580.55 ₱63,597,082.99
a. The first four accounts represent the amount deducted from the salaries of officials
and employees and is remitted to the respective government agencies immediately
on the month following the month for which these were deducted. While the
remaining accounts represents balances of funds received by the LGU for specific
purposes.
b. Transfers from other government agencies represent those funds received for
specific projects undertaken by the LGU for specific purpose. These funds were
received on the basis of the project budgets submitted. Accordingly, the LGU is
contractually bound to spend these funds only in connection with the projects.
Furthermore, the contracts stipulate that the funds received for the project may only
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