Saturday, June 07, 2008 (Philippines)

Cebu Chamber of Commerce and Industry (CCCI) president Edward Gaisano (center) jubilates during the grand opening of the 17th Cebu Business Month 2008 at the Asiatown IT Park in Barangay Lahug, Cebu City. City Councilor Arsenio Pacaña (right) and former CCCI president Francis Monera lead the delegation of Cebu’s business leaders and stakeholders in the celebration while a helicopter hovers above them and drops confetti on the crowd. (Sun.star photo/Allan Defensor) A COMMERCIAL bank proceeded to freeze P20 million of the Cebu City Government’s deposits yesterday, as City Hall officials studied legal remedies to protect the taxpayers’ money. Banco de Oro (BDO) Juan Luna Ave. Branch officers wrote Mayor Tomas Osmeña last Thursday afternoon, notifying city officials that the bank has set aside some P20 million as ordered by the court sheriff. City Councilor Jose Daluz III explained that the amount has not been turned over to the court yet as payment for the expropriated property of the Palicte family. [full story]