He had already asked the Sangguniang Panglungsod to authorize him to enter into a loan agreement either with the Land Bank of the Philippines or the Development Bank of the Philippines to fund the program. The city needs at least P18 million for the project.
Also, the city LGU is studying if it can use a part of the royalty tax of the Philippine National Oil Company (PNOC) as an alternative to fund the program.
The city LGU cited a provision in the Electric Power Industry Reform Act (EPIRA) as basis for proposing that part of the royalty tax be used in the electrification project.
Gantuangco is also considering, as fund source, the 20% Economic Development Fund of the city.
The project is Gantuangco’s response to the resolution passed late April this year by the Association of Barangay Chairmen (ABC) where they reiterated the need to energize remaining sitios in the city.
“As soon as the funds become available, the City LGU will immediately act on the request for electricity by working closely with the Cotabato Electric Cooperative,” he stressed.
“The plan serves as a welcome development to households in the barangays who for a long time did not benefit from the electrification program,” a representative from the ABC said.