Another group applies for STL in the city
Other than the Iloilo Small Town Lottery and Gaming Corp. (ISTLGC), another corporation has shown interest to operate Small Town Lottery (STL) in Iloilo City. Like ISTLGC, they are asking for the favorable endorsement of the Sangguniang Panlungsod for their operation.
The new group which intends to get the approval of the council is the Green Diamond Multi Ventures Corp. The corporation is headed by Marilou Villasis. They also hired the legal services of Atty.Leonardo Jiz to be their counsel.
Villasis in her letter of intent to the SP said they are ready to appear in any of the public hearings being conducted by the city council regarding the revival of the STL. She also expressed their desires in attending the public hearing to expound and address all concerns regarding the STL.
She added that the Green Diamond Multi Ventures Corp is a "corporation that is capitalized in accordance with the Rules and Regulations of the PCSO" in connection with the conduct of the test runs for the STL. The letter of intent was dated June 14, 2006.
She also said the incorporators and stockholders of the Green Diamond Multi Ventures Corp. are "reputable citizens with track records for successes in business." The corporation has sufficient financial capabilities to infuse P20 million authorized Capital Stock with paid up capital of P5 million and to post a cash bond of P10 million with the PCSO, said Villasis.
The capitalization requirements will be for the operation of the STL to assure those who are affected by the operation of Green Diamond Multi Ventures Corp can comply with all its obligations including the winnings of the players, Villasis added.
On his part, Councilor Armand Parcon, chair of the SP's committee on games, amusement and professional sports said the representatives of the Green Diamond Multi Ventures Corp can attend the public hearing on June 29 and 30 at the session hall of the city council.
Parcon said the public hearing is not exclusive for the ISTLGC but to all those who are concerned about the proposed revival of STL in Iloilo City. The applicants can join with the other group as well as with the PCSO representative in the next scheduled hearing, Parcon said.