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Bacolod City, Philippines Tuesday, October 9, 2012
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Monetary Board action
sought on Capitol loans

The Negros Occidental provincial government is still waiting for the action of the Bangko Sentral ng Pilipinas Monetary Board on its P156.4 million loan from the LandBank of the Philippines and P40 million loan from the Philippine National Bank that it has sought to finance various projects, Provincial Treasurer Nilda Generoso said yesterday.

Provincial Administrator Enrique Pinongan, who has written to BSP Governor Amando Tetangco Jr. on the matter, yesterday said the favorable opinion of the Monetary Board is a new requirement for local governments in availing of loans, along with a Sangguniang ordinance, and not just a resolution.

Generoso said the provincial government has complied with all the Monetary Board requirements, including the required Sanggunian ordinance for the projects concerned.

The Monetary Board opinion was sought by the provincial government for its P156.4 million loan from the LBP to finance its importation of 5,690 Dorper/Damara ewes and 310 Dorper/Damara rams from Australia at P83.42 million andP39.38 million for the construction of additional support structures for the Negros First Ranch in Sta. Rosa, Murcia, Pinongan explained in his letter to Tetangco.

Also covered by the P156.4 million loan are P3.990 million to finance the constructionof a sulfur dipping pool and  P9.810 million for the acquisition of furniture for the 28 new rooms in seven cottages at the Mambukal Resort in Murcia, and P19.8 million for the construction of a road going to PhilRice in Cansilayan, Murcia, he added.

Generoso said the P83.42 million payment of the sheep from Australia was taken from existing Capitol funds for other projects that will be reimbursed on approval of the LBP loan.

The P40 billion  from the PNB is for the construction by the provincial government of classrooms at the Negros Occidental High School, the completion of which has stalled because of the delay in the release of the loan, Generoso added.*CPG

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