Senators call out DOTr for ‘low loan utilization’

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The story "Senators call out DOTr for ‘low loan utilization’" was covered 21 hours ago by Business Mirror, a news publisher based in Philippines.

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Senators call out DOTr for ‘low loan utilization’ - Business Mirror

Quick Summary:

AFTER earning kudos for the timely opening of the first phase of the LRT Line 1 extension, the Department of Transportation (DOTr) was called out by senators for failing to fully utilize loans as well as delays in some key projects.

Commitment fees are incurred by the government when funds from foreign loans are not drawn down as expected.

Aside from the payment of commitment fees, interest rates on these loans should be a concern, the senator stressed, as interest payments begin as soon as the loans are approved.