Cagayan de Oro approves P8.5 billion city hall complex loan

Cagayan de Oro's City Council voted Monday to approve the massive borrowing for the ambitious government complex project, with 15 members supporting the measure, three opposing it, and one abstaining. The approval moves forward despite acknowledged backlogs in critical infrastructure development throughout the city.

The decision to authorize the P8.5 billion loan represents a significant financial commitment for the Mindanao city. Officials backing the project cited the need for a modern, centralized government facility to consolidate city administrative functions currently scattered across multiple locations.

Opposition councilors raised concerns about the timing of the major expenditure given existing infrastructure gaps. However, proponents of the complex argued that improved government operations would ultimately benefit service delivery to residents and support the city's development objectives.

The approved loan authorization moves to the next phase of implementation, though specific timelines and funding sources remain subject to further procedural steps. City officials are expected to finalize arrangements with lending institutions in the coming weeks.