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Tuesday, December 20, 2005
Prov'l board approves P61-M bank loan
By Lizanilla J. Amarga
AFTER a long heated debate, the Provincial Board of Misamis Oriental finally approved a resolution granting authority to Misamis Oriental Governor Oscar Moreno to sign all documents pertinent to a P61 million loan from the Land Bank of the Philippines (Land Bank) for the purchase of more heavy equipment.
The loan that has been approved by Land Bank since September this year has an interest prime rate of two percent spread and to be re-priced quarterly within the term of seven years inclusive of two quarters grace period on principal only.
Repayment of principal shall be 26 quarterly amortizations to start at the end of the third quarter from date of initial release with quarterly interest.
During their regular session Monday, Provincial Board Minority Floor Leader Alejo Olano questioned the "blind authority" the resolution granting said authority to the governor.
He said the Provincial Board should at least be first furnished with copies of these documents that the governor would be so authorized to sign.
"We are blinding ourselves. I don't know what all these papers pertinent to the P61 million Land Bank loan are," he said.
Board member Norris Babiera countered Olano's statements saying that the resolution is merely to authorize the governor to sign but that the Provincial Board still reserves the power to check these documents.
"Besides these documents are pro-forma documents that is uniform to all other loans granted to local government units," he said.
'True to ourselves'
But Olano shot back saying, that Land Bank should first furnish the board with copies of these documents before such authority, is granted to the governor.
"We cannot just rely on these pro forma documents...so that the governor will be protected," he said adding that it is best to defer the resolution.
But Babiera said the resolution has been long overdue and that the province and its constituents have been long waiting for the acquisition and use of the heavy equipment.
For him, there was also no need for Olano to actually say that they need to protect Moreno.
"Let us be true to ourselves. The governor is a lawyer and a congressman for two terms and he has his own legal office. He will not compromise the Provincial Government and the Misamisnons," he said.
As Olano and Babiera parried statements, Provincial Board chairman and vice-governor Julio Uy called for a recess. The board members resumed their regular session that afternoon.
Timing
Babiera said the resolution granting the authority to Moreno was finally approved in the afternoon.
Earlier, Babiera said they have recently cancelled their prior plans to purchase second hand heavy equipment amounting to P11 million.
He said the move was not "feasible" considering that, though the heavy equipment purchased would be of lesser price, it might spell losses for the Provincial Government.
"Because buying second hand heavy equipment would depend on whether the province was lucky enough to get a good unit or not," Babiera said.
The Provincial Government plans to buy excavators, road rollers, road graders and bulldozers among others.
(December 20, 2005 issue)
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