Davao's Artica Dome Tops List Of White Elephant Projects By LBP
However, Ladao did not deny the fact that the P300 million Artica Sports Dome project in Maa this city is on top of the list of white elephant projects in the city with money coming from LBP. The project was initiated during the time of mayor Benjamin de Guzman but was halted by mayor Rodrigo Duterte for environmental and other reasons (including financial irregularities).
It can be recalled that the project's viability was questioned even before construction started considering that it was sitting on a site susceptible to landslides and earthquakes. However, de Guzman went on with the project, leaving the millions of Dabawenyos responsible for the payment of the loan.
The bank is very careful in the evaluation and approval of local government projects, Ladao said. The Artica Sports Dome has however become a white elephant project for reasons out of the control of the bank, she added.