Cagayan De Oro City

Development body okays P3.5B to spur Cagayan de Oro economy 

Herbie Gomez
Development body okays P3.5B to spur Cagayan de Oro economy 

STIMULATE. Members of the Cagayan de Oro City Development Council convene and approve an P8.2-billion annual investment plan for the city for 2023. Nearly half of the approved amount is intended to stimulate Cagayan de Oro's post-pandemic economy.

Cagayan de Oro City Information Office

The amount accounts for 43% of Cagayan de Oro's P8.289-billion Annual Investment Plan for 2023

CAGAYAN DE ORO, Philippines – The City Development Council (CDC) greenlit a plan for the local government to spend more than P3.5 billion to stimulate Cagayan de Oro’s economy and make the city recover from the crippling effects of the COVID-19 pandemic.

The amount accounts for 43% of Cagayan de Oro’s P8.289-billion annual investment plan (AIP) for 2023 which was approved by the CDC on Tuesday, September 27.

Cagayan de Oro Mayor Rolando Uy said the AIP’s economic provision would facilitate efforts aimed at making the city see an economic rebound after more than two years of the pandemic.

Social services got the second biggest slice at 39% or some P3.2 billion, while general services accounted for 18% or more than P1.4 billion.

The AIP, which would serve as the basis for city hall’s budget next year, outlines the total resource requirements for all programs, projects, and activities of the local government. It consists of the annual capital expenditure and regular operating requirements of the city government.

The approved AIP showed an increase of more than P700 million compared to that of 2022.

Councilor George Goking, who chairs the city council’s trade and commerce, and ways and means committees, said he expected Uy to submit his proposed 2023 budget to the local legislature by October following the AIP’s approval.

“We will immediately work on his (Uy’s) proposed budget for next year as soon he sends it to us,” Goking said.

Cagayan de Oro 2nd District Representative Rufus Rodriguez, who attended the 11th CDC meeting, lauded the approval of the city’s P8.289-billion AIP, saying that its biggest chunk would boost initiatives to rebuild the city’s post-pandemic economy.

The CDC is headed by Uy and its members include other local government officials, the city’s congressmen, barangay chairpersons, and representatives of civil society organizations. – Rappler.com

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