Cagayan de Oro City Council Member Roger Abaday backed the authorization granting Mayor Klarex Uy power to negotiate an ₱8.5-billion loan for a 22.9-hectare Government Complex in Upper Carmen, highlighting its potential to centralize administrative offices into a single-stop service center.
Abaday noted that legal safeguards under Section 324 of the Local Government Code enforce a 20 percent debt-servicing limit, requiring formal certification from the Bureau of Local Government Finance and a favorable opinion from the Bangko Sentral ng Pilipinas before loan execution.
He added that the current 85-year-old City Hall will be preserved as a Cultural Heritage Hub and official City Museum.
