Here it comes again!
Ed Pontaoe
26 June 2008
Gov. Spin-off lapdog extraordinaire Rafael “Excuses” Baraan’s idea of having a credit line from the Land Bank of the Philippines with a staggering P650M was shot down by the Provincial Board when they realized it’s a hemlock being forced down Pangasinenses throats . . . couldn’t be attained.
The move . . .
The stupendously idiotic Provincial Board opted for Resolution 679-2008 rejecting the plan, but instead went into spiral plunge to perdition.
The afterthought . . .
In lieu, the Provincial Board, with such a resolution authorized Spin-off to negotiate a 7 year term loan with Land Bank putting the uncollected 2001 and 2004 Internal Revenue Allocation funds as collateral.
The counting of eggs . . .
Before they are hatched! The amounts Spin-off thinking to spend-wild amounted to P79, 249,686.00 pesos of which P63, 986,248.00 for 2001 and P15, 263.248.00 for 2004.
These funds are three and eight years old on line. If it were not released by the government for lack of funds, how come the knock-on-wood Provincial Board and the not so bright Spin-off can rely on something so blatantly possible . . . only . . . on paper?
The contrivance . . .
The coyotes at the Land Bank with the likes of Albert Balingit (a board member) devised three roads to die Zerstörung.
1) P11, 321,384 a year starting in 2009. Rejected as too late to lay their hands on.
2) Spin-off and his scalawags will receive a net of P78, 853,437 . . . lump sum . . . minus the stamps.
3) To legalize the IRA allocation with a low rate of 29.91% – if you call that a low rate – with Spin-off receiving P55, 149,856.49 pesos from the IRA distribution.The Provincial Board went for #2, which the outright availability of monies is highly desired.
The P79M question . . .
The Land Bank of Albert Balingit did not give stipulations how the bank can collect if that dreamed IRA amount wouldn’t come to birthing. Besides this collateral, what Pangasinan is accountable if it becomes deficient?
The Cro-Magnon man . . . Alfie Bince is!
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