Residents seek to stop Sual’s planned P750-M loan
RESIDENTS of Sual launched a signature campaign strongly opposing the plan of the local government to avail of a P750-million loan from the Land Bank of the Philippines (LBP).
In a letter dated Nov. 23, 2020 to Cecilia Borromeo, chief executive officer of LBP, Estelita Cabanayan, federation president of Ugnayan Nagkakaisang Kababaihan and Jay Rabara, chairman of the United Pangasinan Association of LGBTQIA+ Sual Chapter, said they are opposed to the application of Mayor Liseldo Calugay for P750-million loan from LBP.
“We are opposing the approval of said loans because our municipality has enough funds from the Internal Revenue Allotment and taxes from Sual Coal -Fired Power Plant, businesses and real estate properties,” the letter said.
It added that the payment for amortization of said loan will be borne by succeeding administration and it is detrimental for their municipality’s progress and development.
The group has gathered as of November about 7,245 names and signatures of registered voters of Sual comprising almost 30 percent of registered voters in the town.
In the open letter, it cited the town’s annual budget of P369,697,190.16 in 2019 that already included the P110,299,574.75 as Internal Revenue Allotment from the national government.
On Oct. 13, 2020, Calugay and his financial leaders were charged with administrative and criminal cases for graft before the Ombudsman.
Calugay said these are politically-motivated even as he denied the allegations against him. (PhilStar Wire Service/ECV)
Share your Comments or Reactions
Powered by Facebook Comments
