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Wednesday, October 29, 2003
Business group pays P8.8M loan
By Jessica B. Natad
THE Cebu Chamber of Commerce and Industry (CCCI) can now concentrate on recruiting more members and drawing up programs to retain its current members after fully repaying a huge loan.
CCCI fully paid its P8.8 million loan (P7.88 million principal, P.79 million in interest charges) from the Philippine National Bank (PNB) last month, CCCI president Carlos Co told members during the chamber’s annual general membership meeting at the Waterfront Cebu City Hotel and Casino last week.
“The securitization program initiated by immediate past president Jose Ng, including combined income from CBM (Cebu Business Month) 2003, the Visayas Area Business Conference and proceeds from chamber operations and building rental have finally put to rest the great burden that your chamber has been carrying for several years now,” he said.
CCCI had been confronted with the challenge of how to pay off its loan obligations with PNB.
To meet the challenge, the chamber created a loan management committee, chaired by vice president for administration and finance Francis Monera, to review sources of revenues the chamber could tap without sacrificing services to members.
Co did not say what the loan was for.
Projects
Moving forward, Co said the CCCI had submitted a proposal to the Canadian International Development Agency-Private Enterprise Accelerated Resource Linkages Program II and the German Services for Economic Development for human resource development, trade promotion, quality and environmental management projects intended to benefit business.
Other programs in the pipeline are the Transportation Show 2003 that will showcase the latest car models and transport accessories and allied products at SM City Cebu on Nov. 28-30 and the Cebu Business Month 2004.
(October 29, 2003 issue)
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