Veterans Bank to SP on P350M deal: 'Loan terms already approved'
Controversy has yet to be resolved in the legislative department of the Iloilo Provincial Government relative to the P350 million loan for the construction of a Convention Center. Yet as far as the Philippine Veterans Bank (PVB) is concerned, the offer and "take out" of all other loans by the province is already in the bag.
In a letter sent to the 9th Sanggunian Panlalawigan (SP) Severo Leagogo, PVB Senior Vice President of the Account Management Division expressed his gratitude to the province "for giving us this opportunity to be its financing arm of a meritorious project."
It was not immediately clear what Leagogo's letter meant to the rest of the SP body however Board Member Arthur Defensor Jr. in an earlier interview told The News Today (TNT) that nothing as of yet is binding.
"Please be informed that the Philippine Veterans Bank (PVB) has provided the Province of Iloilo through the Office of the Governor, the approved terms and conditions of the PVB loans for the construction of the Iloilo Convention Center and for the "take out" of the loans with Land Bank of the Philippines," Leagogo's letter went "The foregoing loan facilities with PVB have been duly accepted and conformed to by the Province of Iloilo after being favorably endorsed by the Province's designated financial advisor, Strategic and Comprehensive Consultant Inc."
The PVB further pointed out to the SP that "these are considered perfected arrangements for eventual loan disbursement or drawdown."
Defensor Jr. chairs the SP body convening as Committee of the Whole tasked to make corresponding study and recommendation on the controversial Convention Center project. The Committee is expected to fold up its study in the next days with Defensor Jr. then saying an estimated two weeks is needed.