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Sunday, December 28, 2003
City Council backs House investigation on Victorias 'takeover'
By Clara Mae Hortelano
* The House probe is relevant, timely and providential in light of the prevailing critically-volatile situation in VMC
THE City Council of Victorias City strongly and unequivocally supports the conduct of an inquiry on the alleged takeover tries at the Victorias Milling Company.
The Council unanimously approved Resolution No. 03-356 series of 2003 supporting House of Representatives Resolution No. 693 directing the Committee on Government Enterprises and Privatization to conduct the inquiry.
The resolution was sponsored by Council member Alejandro Acuņa, president of the Association of Barangay Captains (ABC) in Victorias.
Mayor Remedios Bantug and Vice Mayor Severo Palanca approved and attested, respectively, the resolution.
"The consensus among various sectors and groups on the possible management turnover reveals an ominous kind of restiveness over this internal imbroglio that could cause serious setbacks to the rehabilitation efforts for VMC," the resolution said.
The body agreed on the urgency of the need to look into recurring allegations that representatives of Government Financial Institutions (GFIs) maneuver takeover schemes at VMC management.
The body added that they find the House probe relevant, timely and providential in the light of the prevailing critically volatile situation in VMC.
House Resolution No. 693, signed by House Speaker Jose de Venecia, Jr. dated last July 28 resolved to direct the Committee on Government Enterprises and Privatization to conduct an inquiry on the take-over tries.
Acuņa said the economy of Victorias would be much affected if the planters will not mill with VMC because of these reported take-over attempts.
He added that nine barangays within the vicinity of the mill would be affected by any takeover try.
"This is our matter of concern and we must do everything to preempt this," he said, adding that any take over attempt at the VMC management will be detrimental for the labor force at VMC.
"Massive retrenchment will occur if they allow any take over tries," they warned.
He also said this would lead to a bigger unemployment rate in the city and deprivation of educational opportunities to the siblings of the retrenched employees, among others.
He noted that they are preempting any adverse reaction by the sugar planters in Negros Occidental.
On the other hand, Abelardo Bugay, vice president for marketing of VMC, already passed his resignation letter to the office of Board of Director chairman Omar Mier.
Arthur Aguilar, president and chief executive officer of Victorias Milling Company, said Bugay is a big loss for the company.
Aguilar refused to further comment on the House inquiry.
(December 27, 2003 issue)
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