Municipal bond float to finance public market

DAVAO CITY, Philippines — A local government in Compostela Valley province will float bonds and raise P90 million for a new public market. Nabunturan Mayor Macario T. Humol said bond flotation is the best financing for the new public market that will replace the old facility that was razed three years ago due to faulty electrical wiring. "It’s difficult to allocate funding for the market on a piecemeal basis," he said in a press conference at the provincial capitol. The bonds will be interest-bearing and payable up to 10 years to banks and private firms. If there are no takers, the underwriter will sell the bonds in bulk to institutional buyers. "The money raised will be treated as income so the internal revenue allocation will not be offered as a collateral...," said Mr. Humol. — BusinessWorld