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Tacloban LGU shuns P500M loan, showcases financial strength in Leyte Park Hotel acquisition

Tacloban LGU shuns P500M loan, showcases financial strength in Leyte Park Hotel acquisition

Tacloban City Mayor Alfred Romualdez cancels PHP 500M loan for Leyte Park Hotel purchase, citing enough funds and good financial management. The city plans to develop an IT park and convention center to boost tourism and job opportunities. Photo: Leyte Park Hotel/Facebook

TACLOBAN CITY – Tacloban City Mayor Alfred Romualdez has declared that the city government no longer intends to pursue a PHP 500 million loan to acquire the sprawling Leyte Park Hotel. The decision marks a significant shift in plans for the prime property along Magsaysay Boulevard.

Previously, the city had emerged victorious in the bidding process conducted by the Privatization and Management Office of the Department of Finance in 2022. However, Mayor Romualdez expressed that the loan was unnecessary, as the city had ample funds to finance the purchase without external borrowing.

Mayor Romualdez revealed that he had recently visited the Land Bank of the Philippines to inform them of the plan change, emphasizing the city's financial stability. He acknowledged the commendable financial management by the Sangguniang Panlungsod (City Council) and the City Government, which led to this decision of self-sufficiency.

Although the city government has opted not to pursue the acquisition loan, there are ongoing discussions about a master plan to revitalize the Leyte Park Hotel property. This plan envisions a reimagined destination, combining a hotel with an IT Park and Convention Center, aiming to enhance the city's tourism potential and create numerous employment opportunities.

With the unveiling of the master plan still in the planning stage, Mayor Romualdez expressed his happiness and pride, stating, "I'm happy and proud that Leyte Park is ours!" He sees the property not only as a boost to the city's tourism but also as a catalyst for realizing the broader development goals outlined in the master plan.

Coinciding with the city's 134th Fiesta Celebration, Leyte Park will now serve as the new venue for the much-anticipated Karnabal and Sangyawan Music Festival, scheduled to run from June 1 to July 6, 2023. Additionally, various recreational activities, including food trucks and an agro fair, will be available for visitors in the coming days.

The Leyte Park Hotel, originally constructed in 1979, became the property of Tacloban City in December 2022 after the signing of the Deed of Conditional Sale. As the city charts a new course for this iconic landmark, residents and tourists alike eagerly await the realization of the master plan's vision and the promising future it holds. —iTacloban (Source: CIO)

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