PVB releases P129.06 M for relocation site
BACOLOD CITY — Sangguniang Panglungsod Member Al Victor Espino, chair of the Committee on Finance and Appropriation, confirmed last Friday that the Philippine Veterans Bank (PVB) has already released the much-awaited and controversial loan that the city has applied from the said bank.
Espino said that the amount released by the bank is sufficient to pay the 58 hectares lot offered by Arao family amounting to P129.06 million.
He said that this is just a “first trance” of the loan for Land Acquisition and the “second trance” is for the site development. Said loan is for the city’s relocation project that will benefit the informal settlers which is more than 10,000 families.
On the other hand, Mayor Evelio Leonardia said that the PVB head office credited into the current account of the city amounting to P129,069,820 representing the net loan proceeds from the first partial availment on the P250 million loan of the city for the purchase and development of relocation site.
He said that the amount will be utilized by the city to fully pay the sale consideration of P129.06 million of the ratified Deed of Sale over the Antigua-Andal-Arao properties after the usual operating procedures for making such payment are complied with.
Leonardia noted that the decision of the board is that it is a business loan for legitimate purpose. It was approved and commitment of fund available was made and for which transactions and contract at the Local Government Units’ end were consummated.
Meanwhile, Espino reiterated that the city has done all the documentary requirements including the transfer of Internal Revenue Allotment (IRA) to the bank. Espino said that the loan is aboveboard and transparent since all the procedures were complied with.
