SP body OK's P100M Capitol loan

By Florence F. Hibionada

A total of P100 million in bank loan was given the official confirmation in the Iloilo Sanggunian Panlalawigan (SP) marking the realization of a planned purchase for new dump trucks and heavy equipment for the Capitol's use.

Contained in a joint Committee Report, the SP Committee on Ordinances, Legal Matters and Inter-Government Relations alongside the Committee on General Services and Human Resources pushed for the loan approval set to be entered into by Governor Niel Tupas for and in behalf of the Iloilo Provincial Government.

Presented in yesterday's (Tuesday) regular session, the said Committees found the loan and corresponding conditions valid while adding how “upon thorough evaluation and deliberation, find all the documents legal and satisfactory.”

The “thorough deliberation” was made in a day's hearing last September 21st attended by Provincial Legal Office chief, lawyer Salvador Cabaluna, Provincial Treasurer Melba Sullivan, Arlene Depakakibo, a representative from the Provincial Budget Office and Mercy Ann Chiongson, officer-in-charge of the Iloilo Lending Center, Land Bank of the Philippines.

As such, the two Committees thru its chairmen, Fourth District Board Member Domingo Oso and Fifth District Board Member Niel Tupas Jr. recommended for the “official confirmation” of the Loan Agreement, Deed of Assignment and other supporting documents.

The planned purchase came after the recommendation of the Provincial Engineer's Office stating the Capitol's need for more modern heavy equipment.  Objections were earlier raised within the SP level though as questions were raised on the capability of the Province to contract yet another multi-million loan.  However as justified and validated by Capitol executives, the Iloilo Provincial Government has a good paying capability on top of the Governor's agreement that new dump trucks and more modern heavy equipment are indeed needed.