Breaking News, Indepht Analysis
MANGALDAN – The chief of the municipal planning and development here disagreed on the media reports that the administration of Mayor Bonafe de Vera-Parayno is negotiating for another multi-million pesos loan in behalf of this town with a government bank so she can fund her projects.
Julieta C. Petonio said the P40 million loan being reported by the media was part of the P100 million loan package approved by the Sanguniang Bayan (town council) and signed into law by then mayor Herminio Romero.
“Ang omnibus term loan packaged ng LGU-Mangaldan with Land Bank of the Philippines during Mayor (Herminio) Romero term and the vice mayor then was Berex Abalos. The term package for the LGU is P100 million. Ang na (with) draw ng municipality out of the P100 million is P60 million,” she stressed.
A source said that councilor Joel Meneses, then councilor Joseph Emmanuel Cera, and many councilors at the SB presently passed before a resolution empowering Romero to negotiate a contract in behalf of this town with LBP for that million of pesos loan.
The loan was used to construct a multi-storey market building. The old building was gutted by fire in 2009 that saw P200 million dry goods, grocery items, glass wares, and rice turned into ashes in the 700 stalls there.
Petonio said that incase this municipality borrowed P40 million the same preparation and requirements would be followed just like when this town borrowed the first tranche of P60 million.