Iloilo SP to examine financial status of the province
The Sangguniang Panlalawigan here is wondering if the finances of the Province of Iloilo is still healthy.
The SP on its regular Tuesday session approved a resolution for the province's financial managers to appear before the august body next week and reveal the true state of the province's financial records.
Summoned were the department heads of the Accounting, Budget and Treasurer's offices.
The action was in response to the result of the 2006 COA Annual Audit Report stating that the province has irreconcilable expenses.
In 2005, COA noted that the expenses of the province was P841 million which rose to P936 million in 2006.
Likewise, the SP Committee on Ways and Means chaired by Board Member Arthur Defensor Jr. will delve into the proposed transfer of the provincial government's P217 million loan from the Land Bank of the Philippines (LBP) to the Philippine Veterans Bank (PVB), which was used to finance the completion of the provincial capitol.
Allegedly, PVB has offered to grant a P350 million loan to the province for its construction of a convention center.
(PNA)