Councilor insists loan from PVB released

By Ranie S. Azue

BACOLOD City -- The chairman of the Sangguniang Panlungsod Committee on Finance and Appropriations, Councilor Al Victor Espino, insisted that the first tranche of the city government’s loan with the Philippine Veterans Bank (PVB) for the purchase and development of a relocation site for squatters was already released.

This after reports circulated that the PVB has not released the initial loan amount.

Espino said the P129 million was already deposited into the city’s account with the PVB, is a government depository bank.

“This was manifested in a certification from the manager of the PVB’s branch here,” he quipped.

The councilor said the loan easily be withdrawn anytime if the final assessment of the actual amount to be paid to the owners of the Arao property is determined.

He said the release of the fund will undergo regular process that includes pre-audit of the Commission on Audit including all the pertinent requirements of the government.

He stressed that there are no short cuts in the release of the fund as claimed by sectors opposing the loan and the relocation project.

Espino said the sale of the Arao property to the city government is already a done deal and was consummated after the signing of the contract between the property owners and the city government represented by Mayor Evelio Leonardia.

“The payment is the perfection of the deal entered into by the city and the owner of the property,” he said.

The development of the relocation site, which will be financed by the city’s remaining balance, will be released by the bank once the city government passes the site development plan and the notice to proceed for the winning contractor of the project.

Espino disclosed that he received information that the Bids and Awards Committee had already invited bidders last week but this still needs to be confirmed./PN