By Felipe V. Celino

ROXAS City -- The Philippine Veterans Bank (PVB) has released part of the controversial P683 million loan of the Capiz provincial government.

A reliable source who asked not to be named said the PVB has released P55 million for payment of the loan transacted by then governor now Roxas City Mayor Vicente Bermejo.

The same source said the PVB released on March 2 the amount of P102.45 million for various road concreting projects in 14 towns of Capiz. A total of P200 million has been allocated for the concreting of some 19 kilometers of road.

It can be recalled that four Capiceño businessmen based in Metro Manila filed a case against the loan. They were able to secure a temporary restraining order (TRO) to stop the release of the P683-million loan for 72 hours.

But the court junked the petition of former Ambassador Frank Alba, former Assemblyman Charles Escolin, lawyers Florencio Martinez and Ceferino Alba to prolong the TRO because of forum shopping.

Frank Alba is a former business partner of former Agriculture Usec. Jocelyn “Joc-Joc” Bolante who is running for governor against reelectionist Gov. Victor Tanco.

The court noted that a similar case was also filed by Board Member Gilbert Ardivilla which is presently pending at the Regional Trial Court Branch 19 in Roxas City.

Under the agreement, the loan will be released through six tranches to finance development projects. It is payable in 10 years with an eight percent interest rate.

Included in the loan is the construction of a government service center, purchase of heavy equipment and relocation of the Capiz Rehabilitation Center, among others./PN