Smiles registered on the faces of the Town Council of Malay when it was confirmed that the loan capacity of the Local Government Unit of Malay (LGU) can afford P20Million to finance the one hundred (100) E-Trike units for Boracay Island.
This was confirmed by the Finance Department of the LGU during the session yesterday.
Determining the loan capacity of the LGU of Malay was necessary for the Town Council to approve the resolution which gives the authority to the Mayor to enter into an agreement with the Department of Energy (DOE) and the Asian Development Bank (ADB) the partners of the E-Trike program.
With this development, the only remaining snag is setting the conditions to be presented to the beneficiary of the program. The setting of conditions is allegedly to ascertain that the recipient of the units will be able to fulfill its obligation to the LGU if ever.