Capitol confident of BSP’s approval for P200-M loan-A A +A
Saturday, October 13, 2012
THE Monetary Board of the Bangko Sentral Ng Pilipinas (BSP) is set to come up with its action on the P200-million loan of the Negros Occidental Provincial Government for various projects.
Provincial administrator Enrique Pinongan said the Monetary Board has taken up last Thursday the said loan, which is waiting for its action.
Of the P200-million loan, Capitol has a P156.4-million loan from the Land Bank of the Philippines (LBP) and P40-million loan from the Philippine National Bank (PNB).
Pinongan, who has written to BSP Governor Amando Tetangco Jr. on the matter, said Friday that the favorable opinion of the Monetary Board is a new requirement for local governments in availing of loans, along with a provincial ordinance, instead of just a resolution.
Pinongan said the Provincial Government has complied with all the Monetary Board requirements, including the required provincial ordinance for the projects concerned.
He said he explained in his letter to Tetangco that the Provincial Government has sought the Monetary Board’s opinion for its P156.4-million loan from the LBP to finance its importation of 5,690 Dorper/Damara ewes and 310 Dorper/Damara rams from Australia at P83.42 million, and P39.38 million for the construction of additional support structures for the Negros First Ranch in Sta. Rosa, Murcia.
Also covered by the P156.4-million loan are P3.990 million to finance the construction of a sulfur dipping pool and P9.810 million for the acquisition of furniture for the 28 new rooms in seven cottages at the Mambukal Resort in Murcia, and P19.8 million for the construction of a road going to PhilRice in Cansilayan, Murcia, he added.
The P40 billion from PNB is for the construction of classrooms at the Negros Occidental High School, the completion of which was stalled because of the delay in the release of the loan, Pinongan added.
In case of an unfavorable action from the BSP, the aid budget for the said projects will be taken by Capitol from its budget next year, Pinongan added.
Published in the Sun.Star Bacolod newspaper on October 13, 2012.