LINGAYEN – Provincial Treasurer Ramon Crisostomo just laughed off intrigues being sown by political quarters that the next governor who will succeed Gov. Victor Agbayani will inherit huge loans from the outgoing provincial administration.

Crisostomo said the total standing loan of the provincial government from the Land Bank of the Philippines is only P325 million.

The new P300M loan obtained by the province is still intact as biddings for the calendared projects to be funded by it are still in progress, he said.

Crisostomo said that  the finance committee of the provincial government will never allow that  the  province  to go bankrupt even as he pointed out  said the provincial government  has  an  annual budget of  P1B and  therefore, the payment for loan amortization will not affect the  operations process of  the provincial government.

  He stressed that all expenditures for the operation of the provincial government, including loan payments are listed in the budget, thus assuring payment of creditors. – APE

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