#cebuagainstpork moves

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Sunday, February 2, 2014


SOME 30 organizations in Cebu are asking the Supreme Court (SC) not to treat the Disbursement Acceleration Program (DAP) issue as moot. Instead, these Cebu-based groups want the High Court to rule against the DAP.

“We believe that funds withdrawn in the middle of the fiscal year and funds taken from the unreleased appropriations and unobligated allotments are illegal and unconstitutional,” said a statement they signed at the close of the general assembly of the Cebu Coalition Against the Pork Barrel System held at the Archbishop’s Palace compound Saturday afternoon.

The statement likewise:

l Condemns the maneuvers of supposedly honorable legislators to still allocate the abolished PDAF;

l Calls for the punishment of the pork barrel scammers; and

l Pushes for a people’s initiative to abolish the pork barrel system.

More are expected to sign the statement after a number of member alliances saw the need for consensus among members. We urge other groups and interested organizations to discuss the statement and support us.

Download a PDF copy of the statement from my blog at http://politika2013.wordpress.com. Those who want to sign the statement, please affix your signature on your downloaded copy, scan it, and e-mail to archdiocesandiscernment@gmail.com.

The SC is expected to issue its decision on the constitutionality of DAP anytime. Word we got is: the justices want to face the public with a unanimous decision. It is time we express our voices so the SC justices will hear P-Noy’s bosses loud and clear.

***

Has the PDIC finally dug up the can of worms hidden by Mayor Paz Radaza? Before her perennial foe Efrain Pelaez Jr. further jumps with joy, something smells rotten beneath the surface.

According to a press release, “the Philippine Deposit Insurance Corp. (PDIC), statutory receiver of the closed Rural Bank of Subangdaku Inc. (RBSI) in Cebu, filed on Jan. 13 with the Department of Justice (DOJ) a criminal complaint against the former president and the former loans manager of the closed bank for the creation of fictitious loans and for conducting business in an unsafe and unsound manner.  The RBSI was placed under PDIC receivership by the Monetary Board on Jan. 8, 2009.”

The PDIC alleged that respondents Paz Radaza (president and member of the RBSI credit committee) and Julius Eullaran (bankwide loans manager) conspired and caused the creation of 6,051 fictitious loans amounting to almost P2.6 billion from 2004 to 2008 and comprised about 97 percent of all the loans supposedly released by the RSBI head office during the said period.

Eullaran obviously pushed for approval of the fictitious loans while Radaza, who was the bank president with only one percent share in stocks, was the final signatory. 

Apparently, both were members of the bank’s loans committee that approved the loans. I just want to know who were the loan committee chairman and other members.

The fraud involved 6,051 fictitious loans done within a period of four years. How could two members of the loans committee do such a caper under the noses of other members and the chairman? Were the others sleeping on the job? Or worse, were they actively involved? Why are they not among the accused? Is the PDIC protecting sacred cows?

The PDIC said: “The Corporation continues to pursue legal actions against bank officials and personnel who have been found to have engaged in unsafe and unsound banking practices.   These activities pose grave threats to the stability of the country’s banking system.”

Why then exonerate the other members of the loans committee? And doesn’t the Central Bank regularly check on rural banks? Why could such an anomaly happen under their negligent noses?

There is more rotten meat under the surface and we could start digging by asking who the other members of the loans committee are?

***

The influx of new heavy equipment from China is not all bad after all, I told myself during the recent opening of XCMG outlet of businessman Regan King. Located across SM City, XCMG brought new heavy equipment to Cebu at the price of surplus goods.

The massive rebuilding effort in the Visayas in the Yolanda aftermath needs not only a huge quantity of inexpensive but durable construction materials, but also more reliable heavy equipment by both private and public sectors. For so long, we have relied on cheaper surplus vehicles shipped through gray areas at the Port of Cebu.

Those who tried buying both surplus and new vehicles know the difference.

(politika2013.worpress.com)

Published in the Sun.Star Cebu newspaper on February 03, 2014.

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