189M debts for the Biliranon’s to pay!
Naval, Biliran — The Provincial Accountant Czarina M. Garces revealed 189M sum of unpaid debts during the 4th regular session of the Sangguniang Panlalwigan, July 27, 2010. The mentioned amount was lend during the time of former Governor Rogelio Espina.
30M of this is from Philippine National Bank, lend last November 8, 2005 over a 5 year amortization due. The supposed duration is on June 2010, but the province under the government of former Governor Espina requested to defer the amortization. The province together with the PNB Executive Committee agreed to defer the amortization to November 8, 2015 with the agreement that only the 8% interest per annum will be paid and no penalty will be reckoned from the time of deferment.
According to Mrs. Graces, a part of this 30M was used in the Computerization Project of the province during the previous administration. And the said deferment was maid to augment the funds available for 2011.
Mrs. Garces also mentioned 85M loan form ProLend, 10M from AFW and 94M summed loan from PNB. And in 2011, in the 60M projected income; 30,450,000.00 or 51% of this will be intended for the debt servicing and interest payment.