Bishop asks bank to hold P250M loan for relocation site
BACOLOD CITY — Diocese of Bacolod Bishop Vicente Navara recently wrote Philippine Veterans Bank (PVB) President Ricardo Balbido for holding in abeyance the Loan Agreement and Deed of Assignment entered into by the City Government of Bacolod represented by Mayor Evelio Leonardia and the Philippine Veterans Bank represented by Senior Vice President Severo C. Leagogo and Annabelle Y. Ong for the procurement of relocation site intended for city squatters.
Navarra cited the measures highlighted by four SP members who categorically stated the lack or absence of necessary documents, like no identified relocation site, no schedule of annual repayment to be undertaken by the City for at least ten years, no certification of borrowing capacity and the said Loan Agreement and Deed of Assignment has terms and conditions disadvantageous to the City.
Navarra informed Balbido that the Bacolod City Council railroaded the approval of the resolution that granted authority for the Local Chief Executive to enter into a loan agreement in October 31, 2009.
“We saw with our own eyes how this tyrannical manipulation came into play,” Bishop Navarra lamented. He also said that the church is not against the idea for the application of a loan. However, in this issue he sees his moral duty to come in between the various factions involved.
“The absence of transparency in the procurement of this loan fueled the basic mistrust that pervades this issue and prevails even up to now. We had listened to all sides of this issue and after deep discernment, our duty demands that we speak for and insist that the City of Bacolod meet halfway to comply with the basic documentary requirements needed for the approval of this loan,” Navarra added.
He also informed the bank on the existing of people’s initiative demanding for the recall of this measure.
