RESOLUTION NO. 2020-0798 (Sponsored by: Honorable Arnold R. Gavenia) "A RESOLUTION AUTHORIZING THE HONORABLE CITY MAYOR TO NEGOTIATE, FOR AND IN BEHALF OF THE CITY GOVERNMENT OF PAGADIAN, WITH THE DEVELOPMENT BANK OF THE PHILIPPINES (DBP) FOR POSSIBLE AVAILMENT OF A FINANCIAL LOAN PACKAGE AS CONTAINED UNDER THE "BAYANIHAN TO RECOVER AS ONE ACT"" WHEREAS, pursuant to the provisions of Republic Act No. 11494 otherwise known as the "Bayanihan to Recover As One Act," all government owned and controlled financial institutions were mandated to provide and make available to all Local Government Units a financial loan package necessary to help mitigate the impact of COVID-19 pandemic and jumpstart and/or spur local economy; WHEREAS, in compliance with the said mandate, the Development Bank of the Philippines (DBP) has launched its lending programs for availment of the LGUs where part of the loan interest will be subsidized by the national government; WHEREAS, upon careful perusal and evaluation, this body, finding such program beneficial and most helpful in the City Government's effort to contain, if not control, the further spread of COVID-19 cases in the city, deems it imperatively necessary to grant the City Chief Executive with the necessary authority to negotiate, among others, the terms and conditions for the availment of the said loan package; NOW, THEREFORE, on seconded motion of Honorable Arnold R. Gavenia, be it RESOLVED to authorize, as this body hereby authorizes the Honorable City Mayor to negotiate, for and in behalf of the City Government of Pagadian, with the Development Bank of the Philippines (DBP) for possible availment of a Financial Loan Package as contained under the "Bayanihan To Recover As One Act." RESOLVED, FURTHER, to let copies of this Resolution be furnished His Honor, City Mayor Samuel S. Co, for his information and favorable consideration; and the Manager-Development Bank of the Philippines, Pagadian Branch, for information and reference. APPROVED UNANIMOUSLY. I HEREBY CERTIFY to the correctness of the foregoing resolution. SAM TYRA F. CO Verified: Chairman Pro Tempore, Presiding ATTY. TEODORO M. QUICOY SP Member/Floor Leader Attested: ELKID P. NACUA Secretary to the Sangguniang Panlungsod