IDFI receives P11.5M in cash, pledges
The Iloilo Dinagyang Foundation Inc. (IDFI) has received P11.5 million in cash and pledges with nearly three days left before the 2010 Dinagyang festival. Surprisingly, the amount is much bigger than the foundation’s estimated budget of P9 million
IDFI’s committee on finance chair Marissa Segovia said they received P11.5 million in cash and pledges. The foundation is expected to accrue expenses similarly with the present cash and pledges.
Segovia said most of the cash donations and pledges came from government and private sectors. The foundation received smaller amount of donations but it contributed to the IDFI’s coffers to cover its expenses incurred before and after the event.
The foundation is also expecting the release of P1 million donation from the Department of Tourism (DOT) with the assistance of Mayor Jerry Treñas and DOT-6 director Edwin Trompeta.
In yesterday’s final media briefing, Segovia was a picture of great fiscal manager. She was very proud to say that the foundation did not resort to borrowings to finance the activities in-line with the celebration. “As of today, the foundation has not incurred any borrowings.”
The foundation was able to pay its P1 million debt from the previous savings in less than a week. Last year’s, savings amounted to P1,750,000, said Segovia.
Members of the foundation can wear their best smiles with the present bank savings. It is enough to pay the cash prizes of the winning festivals for the Kasadyahan and ati competition. Ideally, the foundation has to save some money, said Segovia.
