By Kit Bagaipo
Tagbilaran City , BOHOL - -
Finding the right formula to fuel the growth of micro, small and medium enterprises (MSMEs) where 70-percent of the country’s workforce depend, the Bangko Sentral ng Pilipinas (BSP) launched on Sunday the third and biggest cooperative credit surety fund here.
With an initial membership of 18 cooperatives that pooled its fund resources with a counterpart of P5-million each from the provincial government, the Development Bank of the Philippines (DBP) and the International Loan Guarantee Fund (IGLF), the Bohol Coopreneurs Credit Surety Fund (BC-CSF) seeks to expand and simplify access to credit among member-cooperatives.
BSP Governor Amando Tetangco Jr. and Monetary Board Members Juanita Amatong and Ignacio Bunye signed the memorandum of agreement (MOA) formally creating the BC-CSF with Bohol Governor Erico Aumentado, Vice Governor Julius Caesar Herrera, Development Bank of the Philippines (DBP) president Reynaldo David and cooperative representatives at the Bohol Beach Club in Panglao Island.
A brainchild of the BSP, the credit surety fund or CSF is a program that involves the creation of a trust fund contributed by cooperatives from a province and its provincial government intended primarily to make MSMEs (that are relying on cooperative fund support) bankable by giving them access to formal sources of financing by means of a surety cover.
“In effect, MSMEs who cannot get financing due to the absence of collaterals can now do so using the surety cover as substitute through their respective cooperatives,” Tetangco said in his speech during the MOA signing.
“As most of the country’s workers belong to the MSME sector, we can look forward to a sustained growth in the economy despite the global crisis,” the BSP official stressed.
Bohol Poverty Reduction Management Office head Antonieto Pernia said the BC-CSF membership will reach 30 cooperatives before the end of the first quarter with a P20-million collective fund.
The central bank first introduced the CSF concept in the province of Cavite with the launching of the Cavite Coopreneurs Surety Fund back in August 2008 followed by the Aurora Province Coopreneurs Surety Fund last January.
“The BC-CSF is the first credit surety fund to be organized outside of Luzon and boasts of having the shortest gestation from conceptualization to actual launch,” claims Gov. Aumentado in his speech.
The CSF program received overwhelming reception from cooperatives from both Cavite and Aurora Province as it opened a wider source of financing for their member MSMEs.
DBP president David said the credit surety fund is a welcome development for the banking sector as the program makes it more comfortable for them to lend even in the absence of collaterals.
Even with the government’s requisite that banks and lending institutions allocate 10-percent of its loan portfolio to MSMEs, the sector still finds it difficult to obtain loans due to lack of acceptable collaterals, unstable income or cash flows, lack of business experience or track record and low paying capacity.
“This is the right formula and effective tool for countryside development - by energizing cooperatives to become agents of progress in its own communities by creating more jobs and livelihood,” adds David.
Adelia Ajoc of the Carmen Credit Cooperative Inc. said that through the credit surety fund, their need for additional capital is addressed while it is now much easier for their cooperative to extend loans to members for livelihood without resorting to usurers and loan sharks.
“Our cooperatives are small but we look forward to becoming partners in the development of MSMEs with the guidance of the central bank and the banking sector,” says Dr. Cerina Bolos, chair of the BC-CSF oversight committee.
According to Aumentado, the launching of the BC-CSF is a “defining moment for Bohol which once belonged to the ‘Club 20’ of poorest provinces in the country and a hotbed of the communist insurgency”.
“This will further bolster the province’s growth with our food sufficiency hitting a record of 113-percent,” the governor said.
The central bank hopes to cascade the CSF concept to all key areas of the country.
Monday, February 16, 2009
Saturday, February 14, 2009
Bohol Capitol P168-M equipment bidding rigged?
By Kit Bagaipo
Posted: The Bohol Chronicle
A Japanese heavy equipment dealer complains on the alleged rigged bidding for the purchase of some P168-milllion worth of heavy equipment conducted by the provincial government recently.
International heavy equipment trader Kowa Tsusho Ltd. failed to qualify in the multi-million bidding but said the procurement process “gave undue advantage to preferred suppliers” which threatens to explode into another anomaly bigger than Capitol’s alleged overpriced purchase of a backhoe and air-conditioning units two years ago.
Atty. Salvador Grupo, counsel of the Japanese firm, has formally filed a protest action to the chairman of the Bids and Awards Committee (BAC) of the provincial government, General Services Officer Engr. Rosalinda Yu.
According to Grupo, his client was unable to beat the deadline for the submission of bids as the BAC conducted the bidding process with haste contrary to the Implementing Rules and Regulations (IRR) of RA 9184, the Government Procurement Act.
Under Sec. 17, Rule VI of the law’s IRR, prospective bidders should be given ample time to examine bidding documents and prepare its respective bids.
“To provide ample time, the concerned BAC shall promptly issue the bidding documents for the contract to be bid out at the time the Invitation to Apply for Eligibility and to Bid (IAEB) is first advertised,” Grupo cited.
The provincial government will purchase an all brand new fleet of heavy equipment that includes 2 units of backhoe/hydraulic excavators with breakers; 2 units of bulldozers with ripper; 2 units payloaders; 10 units of 6-wheeler dump trucks; 4 units motor road grader; 4 units road roller/vibratory compactor; 1 unit 6-wheeler water truck with pump; and a 6-wheeler fuel tanker with pump.
These heavy equipment has an overall approved budget contract (ABC) of P168,296,000.
Based on records, Grupo said that the bidding was advertised on January 7, 2009 but bid documents were made available only on January 23 “which is contrary to the provisions of the law.
The dropping of the bids, Grupo added, was done last February 9 which did not gave enough time to Kowa Tsusho to comply with all the “voluminous requirements”.
“As a result, my client has been disenfranchised and suffered because of the failure of the BAC to observe the appropriate bidding procedures,” the lawyer said.
In a letter to Yu last February 4, the supplier requested for the dropping, screening and opening of bids to be deferred.
In its letter to Yu, the Japanese supplier noted “defects in the manner” the bidding has been conducted by the BAC.
Aside from the unavailability of bid documents, the amount to be paid for the said requirement was not stated for the reason that the technical working group of the bids committee “still needed to come up with the final and definite specifications”.
As shown in the minutes of the pre-bidding conference, “the BAC secretariat could not furnish the interested bidders at that time any of the required documents,” Grupo disclosed.
He said there were “serious concerns and questions raised by participating suppliers and interested bidders” that were not completely resolved by the BAC and that it “needed further time to deliberate and settle” the issues.
PREFERRED BIDDER?
During the said pre-bid conference, Grupo bared that the BAC “openly admitted they already had preferred brands” which is improper under the procurement law.
“Due to the unresolved issued that surfaced during the conference, the time frame for the submission of the required documents by the interested bidders, were now very much shortened, and there was hardly enough time for the interested bidders to comply,” he explained.
Grupo denounced how the BAC proceeded with the opening of bids despite the protests of his client.
He added the guideline on publicizing the IAEB was not followed as the BAC only advertised the items for bidding in two local newspapers. The procurement law requires the invitation for bids to a local and a national newspaper of general circulation.
“Dates of publication and the newspapers were carefully chosen and the specifications for the equipment were tailor-suited to favor a particular brand or model,” Grupo added further.
“This situation creates the impression that there are favored parties who have given advantages in this bidding,” the lawyer stressed.
SUPPLIERS
As of February 4, six suppliers were already listed by the BAC to participate in the bidding. These were Camec JCB Corporation, JVF Commercial, Civic Merchandising, RDAK Transport Equipment, Pasahero Motors Corporation and Isuzu Cebu, Inc.
Of the six bid participants, only RDAK could supply all the 8 items stated in the contract.
Moreover, Kowa Tsusho also questioned the BAC for allowing the other seven contractors to supply only some of the items to be bidded out instead of the 8 items specified in the IAEB. This was confirmed in the amounts paid by said suppliers which were based on a per item basis.
A provincial ordinance sets the amount to be paid for the purchase of bid documents on contracts over P10-million at P10,000. However, each of the eight suppliers paid separately for each of the items offered for bidding.
Grupo likewise revealed that the maximum period to be given to prospective bidders from the time of publication of the invitation for bids should have been 50 calendar days instead of just 30 days.
“Infrastructure projects involving P50 million and above should allow suppliers and contractors at least 50 days from the last publication of the invitation to submit their bid requisites,” he said.
According to Grupo, the dropping of bids last February 9 was illegal since it did not comply with the prescribed period in the procurement law.
BAC EXPLAINS
In her reply, Engr. Yu said the accusations of the Japanese heavy equipment supplier that the bidding was “rigged and craftily manipulated” is “totally unfounded, baseless and unfair”.
Yu clarified that the invitation for bids was published not only in the Bohol Chronicleon January 15, 2009 but also in the Sun Star Daily on January 8, 2009 and in the Cebu Daily News on January 15.
Moreover, the IAEB was also posted in the website of the provincial government and in three conspicuous places in the province, according to Yu.
The BAC chair also disproved the claim of the supplier that the maximum period to be allowed should be 50 days saying that the said provision in the procurement law applies only to infrastructure projects and not to the procurement of goods.
“Quite obviously, the procurement of various heavy equipment falls under the category of goods and not infrastructure project,” she added.
Yu justified that “the inability of Kowa Tsusho to submit its bid documents on time” cannot be given consideration as it would “unduly put the bidding process in bad light”.
“We cannot give special treatment to [Kowa Tsusho] because this would be unfair to the other bidders who dutifully labored to submit their bid documents on time,” Yu concluded.
FLAWED FROM THE START
However, Grupo, who said he personally attended the pre-bid conference, stressed the multi-million peso purchase by the provincial government, the biggest single purchase by far, has led some sectors to question its timing.
“This is not an issue of an interested bidder asking for a special consideration and not being granted such accommodation,” according to Grupo stressing that provisions of the procurement law and its IRR are violated.
“The BAC despite our vehement protests continued its conclusion to the bidding process by conducting a post-qualification on the submitted bids,” he said.
According to Grupo, this serves to bolster suspicions that “the transaction from the very beginning stinks”.
“The purchase from the start of the advertisement to the schedule of activities was done in haste,” he stressed.
It can be recalled that two years ago, a similar purchase of heavy equipment (backhoe) also generated controversy which ended in the supplier offering a donation to the province “as a gesture of goodwill” for bagging the contract.
Posted: The Bohol Chronicle
A Japanese heavy equipment dealer complains on the alleged rigged bidding for the purchase of some P168-milllion worth of heavy equipment conducted by the provincial government recently.
International heavy equipment trader Kowa Tsusho Ltd. failed to qualify in the multi-million bidding but said the procurement process “gave undue advantage to preferred suppliers” which threatens to explode into another anomaly bigger than Capitol’s alleged overpriced purchase of a backhoe and air-conditioning units two years ago.
Atty. Salvador Grupo, counsel of the Japanese firm, has formally filed a protest action to the chairman of the Bids and Awards Committee (BAC) of the provincial government, General Services Officer Engr. Rosalinda Yu.
According to Grupo, his client was unable to beat the deadline for the submission of bids as the BAC conducted the bidding process with haste contrary to the Implementing Rules and Regulations (IRR) of RA 9184, the Government Procurement Act.
Under Sec. 17, Rule VI of the law’s IRR, prospective bidders should be given ample time to examine bidding documents and prepare its respective bids.
“To provide ample time, the concerned BAC shall promptly issue the bidding documents for the contract to be bid out at the time the Invitation to Apply for Eligibility and to Bid (IAEB) is first advertised,” Grupo cited.
The provincial government will purchase an all brand new fleet of heavy equipment that includes 2 units of backhoe/hydraulic excavators with breakers; 2 units of bulldozers with ripper; 2 units payloaders; 10 units of 6-wheeler dump trucks; 4 units motor road grader; 4 units road roller/vibratory compactor; 1 unit 6-wheeler water truck with pump; and a 6-wheeler fuel tanker with pump.
These heavy equipment has an overall approved budget contract (ABC) of P168,296,000.
Based on records, Grupo said that the bidding was advertised on January 7, 2009 but bid documents were made available only on January 23 “which is contrary to the provisions of the law.
The dropping of the bids, Grupo added, was done last February 9 which did not gave enough time to Kowa Tsusho to comply with all the “voluminous requirements”.
“As a result, my client has been disenfranchised and suffered because of the failure of the BAC to observe the appropriate bidding procedures,” the lawyer said.
In a letter to Yu last February 4, the supplier requested for the dropping, screening and opening of bids to be deferred.
In its letter to Yu, the Japanese supplier noted “defects in the manner” the bidding has been conducted by the BAC.
Aside from the unavailability of bid documents, the amount to be paid for the said requirement was not stated for the reason that the technical working group of the bids committee “still needed to come up with the final and definite specifications”.
As shown in the minutes of the pre-bidding conference, “the BAC secretariat could not furnish the interested bidders at that time any of the required documents,” Grupo disclosed.
He said there were “serious concerns and questions raised by participating suppliers and interested bidders” that were not completely resolved by the BAC and that it “needed further time to deliberate and settle” the issues.
PREFERRED BIDDER?
During the said pre-bid conference, Grupo bared that the BAC “openly admitted they already had preferred brands” which is improper under the procurement law.
“Due to the unresolved issued that surfaced during the conference, the time frame for the submission of the required documents by the interested bidders, were now very much shortened, and there was hardly enough time for the interested bidders to comply,” he explained.
Grupo denounced how the BAC proceeded with the opening of bids despite the protests of his client.
He added the guideline on publicizing the IAEB was not followed as the BAC only advertised the items for bidding in two local newspapers. The procurement law requires the invitation for bids to a local and a national newspaper of general circulation.
“Dates of publication and the newspapers were carefully chosen and the specifications for the equipment were tailor-suited to favor a particular brand or model,” Grupo added further.
“This situation creates the impression that there are favored parties who have given advantages in this bidding,” the lawyer stressed.
SUPPLIERS
As of February 4, six suppliers were already listed by the BAC to participate in the bidding. These were Camec JCB Corporation, JVF Commercial, Civic Merchandising, RDAK Transport Equipment, Pasahero Motors Corporation and Isuzu Cebu, Inc.
Of the six bid participants, only RDAK could supply all the 8 items stated in the contract.
Moreover, Kowa Tsusho also questioned the BAC for allowing the other seven contractors to supply only some of the items to be bidded out instead of the 8 items specified in the IAEB. This was confirmed in the amounts paid by said suppliers which were based on a per item basis.
A provincial ordinance sets the amount to be paid for the purchase of bid documents on contracts over P10-million at P10,000. However, each of the eight suppliers paid separately for each of the items offered for bidding.
Grupo likewise revealed that the maximum period to be given to prospective bidders from the time of publication of the invitation for bids should have been 50 calendar days instead of just 30 days.
“Infrastructure projects involving P50 million and above should allow suppliers and contractors at least 50 days from the last publication of the invitation to submit their bid requisites,” he said.
According to Grupo, the dropping of bids last February 9 was illegal since it did not comply with the prescribed period in the procurement law.
BAC EXPLAINS
In her reply, Engr. Yu said the accusations of the Japanese heavy equipment supplier that the bidding was “rigged and craftily manipulated” is “totally unfounded, baseless and unfair”.
Yu clarified that the invitation for bids was published not only in the Bohol Chronicleon January 15, 2009 but also in the Sun Star Daily on January 8, 2009 and in the Cebu Daily News on January 15.
Moreover, the IAEB was also posted in the website of the provincial government and in three conspicuous places in the province, according to Yu.
The BAC chair also disproved the claim of the supplier that the maximum period to be allowed should be 50 days saying that the said provision in the procurement law applies only to infrastructure projects and not to the procurement of goods.
“Quite obviously, the procurement of various heavy equipment falls under the category of goods and not infrastructure project,” she added.
Yu justified that “the inability of Kowa Tsusho to submit its bid documents on time” cannot be given consideration as it would “unduly put the bidding process in bad light”.
“We cannot give special treatment to [Kowa Tsusho] because this would be unfair to the other bidders who dutifully labored to submit their bid documents on time,” Yu concluded.
FLAWED FROM THE START
However, Grupo, who said he personally attended the pre-bid conference, stressed the multi-million peso purchase by the provincial government, the biggest single purchase by far, has led some sectors to question its timing.
“This is not an issue of an interested bidder asking for a special consideration and not being granted such accommodation,” according to Grupo stressing that provisions of the procurement law and its IRR are violated.
“The BAC despite our vehement protests continued its conclusion to the bidding process by conducting a post-qualification on the submitted bids,” he said.
According to Grupo, this serves to bolster suspicions that “the transaction from the very beginning stinks”.
“The purchase from the start of the advertisement to the schedule of activities was done in haste,” he stressed.
It can be recalled that two years ago, a similar purchase of heavy equipment (backhoe) also generated controversy which ended in the supplier offering a donation to the province “as a gesture of goodwill” for bagging the contract.
PRBank clients process claims
By Kit Bagaipo
Posted: The Bohol Chronicle
Depositors of the closed Pilipino Rural Bank (PRBank) Tagbilaran City branch with deposit account balance of P100,000 and below are the first ones to get paid.
Representatives from the Philippine Deposit Insurance Corporation (PDIC) began processing claims of the rural bank’s clients of with 40 regular savings depositors serviced daily starting last Wednesday.
The initial claims servicing operations of PDIC here will run until March 6 which targets up to 600 depositors out of the 14,670 clients of the bank in the province.
PRBank declared a bank holiday last December 12, 2008 after the collapse of its affiliate banks under the Legacy Group.
PDIC said they initially distributed numbered claim forms last Wednesday at the closed bank’s branch office at the Asian Lending Building along CPG North Avenue, this city.
The actual claims servicing will be done in the order based on the numbers printed in the claim forms to ensure an orderly payout processing.
In order to get a claim form, depositors must present their original regular savings passbook to the PDIC representatives at the rural bank’s premises. This will be done on a first come, first served basis.
After filling out the claim form, the bank client will verify the corresponding “appointment date” as indicated by the number in the form that is when the depositor will go back to the bank and submit the claim form.
The PDIC is prioritizing claims of depositors with regular savings accounts of P100,000 and below in keeping with its mandate to protect small, unsophisticated depositors.
According to PDIC representatives, the second batch of claims processing will start next month for regular savings accounts with balances of P100,000 and above, special savings accounts and current accounts.
Posted: The Bohol Chronicle
Depositors of the closed Pilipino Rural Bank (PRBank) Tagbilaran City branch with deposit account balance of P100,000 and below are the first ones to get paid.
Representatives from the Philippine Deposit Insurance Corporation (PDIC) began processing claims of the rural bank’s clients of with 40 regular savings depositors serviced daily starting last Wednesday.
The initial claims servicing operations of PDIC here will run until March 6 which targets up to 600 depositors out of the 14,670 clients of the bank in the province.
PRBank declared a bank holiday last December 12, 2008 after the collapse of its affiliate banks under the Legacy Group.
PDIC said they initially distributed numbered claim forms last Wednesday at the closed bank’s branch office at the Asian Lending Building along CPG North Avenue, this city.
The actual claims servicing will be done in the order based on the numbers printed in the claim forms to ensure an orderly payout processing.
In order to get a claim form, depositors must present their original regular savings passbook to the PDIC representatives at the rural bank’s premises. This will be done on a first come, first served basis.
After filling out the claim form, the bank client will verify the corresponding “appointment date” as indicated by the number in the form that is when the depositor will go back to the bank and submit the claim form.
The PDIC is prioritizing claims of depositors with regular savings accounts of P100,000 and below in keeping with its mandate to protect small, unsophisticated depositors.
According to PDIC representatives, the second batch of claims processing will start next month for regular savings accounts with balances of P100,000 and above, special savings accounts and current accounts.
Loon Ex-mayor cleared of graft charges
By Kit Bagaipo
Posted:The Bohol Chronicle
The Sandiganbayan, through its 5th Division, recently cleared former Loon mayor Wilfredo Caresosa and five co-accused of charges for alleged violation of the Anti-Graft and Corrupt Practices Act.
In a decision penned on July 18, 2008 and promulgated on January 30, 2009, the graft court found that “the prosecution failed to discharge its burden of proof, hence, the acquittal of the accused is inevitable”.
Earlier, a corollary case arising from the same incident and prosecuted at the instance of the same complaint against Caresosa, also found the accused not guilty. The verdict was handed down by the 3rd Division of the Sandiganbayan.
A seventh accused, Rosalio Sierras, had his case dismissed after he died while the case was on trial.
The defense of the case was handled by lawyers Artemio Cabatos and Amado Caballero.
The prosecution stemmed from the purchase of PVC pipes on credit from E. Butalid Store sometime in 1998. The purchase, being undertaken on “emergency” was made without benefit of public bidding.
The evidence showed that the improvement project for the Loon Waterworks System, using the questioned PVC pipes, was actually completed. The project raised the annual income of the municipal waterworks system from P1.6 million to P3 million and later propelled to P5 million as more consumers were served.
The prosecution claimed overprice in the purchase of the PVC pipes, as well as irregularity by the absence of public bidding, both constituting violations of RA 3019, the Anti Graft and Corrupt Practices Act.
But the court ruled otherwise. There was no convincing evidence of overprice, as the Commission on Audit (COA), through Atty. Charlita Leopoldo, compared the quotation of E. Butalid Store in 1998 with those of Cebu suppliers in 1999.
The absence of public bidding was justified by the presence of the “El Nino” phenomenon during the time when the project was undertaken.
Further, the court found no injury to the government or any private party, noting the increase in revenues from the waterworks system after its completion.
The Sandiganbayan said, “Atty. Leopoldo’s conclusion that the goods delivered by E. Butalid Store were overpriced is rather inaccurate… the prosecution’s claim that the cost paid by the Municipality of Loon to E. Butalid Store for the said goods was overpriced is totally baseless.”
The two cases were leveled against Caresosa and company after he lost the mayoralty seat of Loon in 1998 to Cesar Tomas Lopez. The latter is now member of the Bohol Provincial Board.
Posted:The Bohol Chronicle
The Sandiganbayan, through its 5th Division, recently cleared former Loon mayor Wilfredo Caresosa and five co-accused of charges for alleged violation of the Anti-Graft and Corrupt Practices Act.
In a decision penned on July 18, 2008 and promulgated on January 30, 2009, the graft court found that “the prosecution failed to discharge its burden of proof, hence, the acquittal of the accused is inevitable”.
Earlier, a corollary case arising from the same incident and prosecuted at the instance of the same complaint against Caresosa, also found the accused not guilty. The verdict was handed down by the 3rd Division of the Sandiganbayan.
A seventh accused, Rosalio Sierras, had his case dismissed after he died while the case was on trial.
The defense of the case was handled by lawyers Artemio Cabatos and Amado Caballero.
The prosecution stemmed from the purchase of PVC pipes on credit from E. Butalid Store sometime in 1998. The purchase, being undertaken on “emergency” was made without benefit of public bidding.
The evidence showed that the improvement project for the Loon Waterworks System, using the questioned PVC pipes, was actually completed. The project raised the annual income of the municipal waterworks system from P1.6 million to P3 million and later propelled to P5 million as more consumers were served.
The prosecution claimed overprice in the purchase of the PVC pipes, as well as irregularity by the absence of public bidding, both constituting violations of RA 3019, the Anti Graft and Corrupt Practices Act.
But the court ruled otherwise. There was no convincing evidence of overprice, as the Commission on Audit (COA), through Atty. Charlita Leopoldo, compared the quotation of E. Butalid Store in 1998 with those of Cebu suppliers in 1999.
The absence of public bidding was justified by the presence of the “El Nino” phenomenon during the time when the project was undertaken.
Further, the court found no injury to the government or any private party, noting the increase in revenues from the waterworks system after its completion.
The Sandiganbayan said, “Atty. Leopoldo’s conclusion that the goods delivered by E. Butalid Store were overpriced is rather inaccurate… the prosecution’s claim that the cost paid by the Municipality of Loon to E. Butalid Store for the said goods was overpriced is totally baseless.”
The two cases were leveled against Caresosa and company after he lost the mayoralty seat of Loon in 1998 to Cesar Tomas Lopez. The latter is now member of the Bohol Provincial Board.
Wednesday, February 4, 2009
PDIC to start payout of deposit claims next week
Tagbilaran City, BOHOL - -
The Philippine Deposit Insurance Corporation (PDIC) will start paying out claims on insured deposits of closed rural banks on February 13.
PDIC vice president for Comptrollership Geronimo Ambe made this assurance this morning during a meeting with over 1,000 depositors of Pilipino Rural Bank (PRBank) Tagbilaran Branch here at the Bohol Cultural Center, this city.
According to Ambe the first batch of payout will run until March 6 starting with insured deposits below P250,000.
Based on PDIC records, there are 14,762 depositors of PRBank Tagbilaran, according to Ambe. The list of depositors includes prominent businessmen, retirees, overseas workers, politicians and even two alleged “swertres” financiers.
The deposit insurer will also distribute claim forms next week here in Tagbilaran for other claimants, Ambe said.
PRBank Tagbilaran, an affiliate of the bankrupt Legacy Group, declared a bank holiday last December 12, 2008.
The meeting with Ambe and Boholano depositors came after Gov. Erico Aumentado requested PDIC to resolve complaints of local depositors who were annoyed by the delay in processing of their claims.
Ambe appealed to depositors to be patient as there are 28 other rural banks that the PDIC had to attend to.
Claims will be processed on a first come, first served basis after the PDIC have completed paying out claims below P250,000, Ambe added.
Last week another rural bank here in Bohol also declared a holiday after depositors started withdrawing their deposits following apprehensions on the closure of PRBank.
The Rural Bank of Maribojoc, Inc. (RBM) had been operating smoothly for the past 31 years until its depositors lost confidence on its stability, according to the rural bank’s chairman Restituto Tan.
RBM has already applied for a P20-million emergency loan from the Bangko Sentral ng Pilipinas (BSP) to revitalize its operations.
Last Monday officials of the BSP scrutinized bank records and transactions to assess if a loan can be granted, according to Tan.
Until now, the Monetary Board has not placed RBM under receivership.
The Philippine Deposit Insurance Corporation (PDIC) will start paying out claims on insured deposits of closed rural banks on February 13.
PDIC vice president for Comptrollership Geronimo Ambe made this assurance this morning during a meeting with over 1,000 depositors of Pilipino Rural Bank (PRBank) Tagbilaran Branch here at the Bohol Cultural Center, this city.
According to Ambe the first batch of payout will run until March 6 starting with insured deposits below P250,000.
Based on PDIC records, there are 14,762 depositors of PRBank Tagbilaran, according to Ambe. The list of depositors includes prominent businessmen, retirees, overseas workers, politicians and even two alleged “swertres” financiers.
The deposit insurer will also distribute claim forms next week here in Tagbilaran for other claimants, Ambe said.
PRBank Tagbilaran, an affiliate of the bankrupt Legacy Group, declared a bank holiday last December 12, 2008.
The meeting with Ambe and Boholano depositors came after Gov. Erico Aumentado requested PDIC to resolve complaints of local depositors who were annoyed by the delay in processing of their claims.
Ambe appealed to depositors to be patient as there are 28 other rural banks that the PDIC had to attend to.
Claims will be processed on a first come, first served basis after the PDIC have completed paying out claims below P250,000, Ambe added.
Last week another rural bank here in Bohol also declared a holiday after depositors started withdrawing their deposits following apprehensions on the closure of PRBank.
The Rural Bank of Maribojoc, Inc. (RBM) had been operating smoothly for the past 31 years until its depositors lost confidence on its stability, according to the rural bank’s chairman Restituto Tan.
RBM has already applied for a P20-million emergency loan from the Bangko Sentral ng Pilipinas (BSP) to revitalize its operations.
Last Monday officials of the BSP scrutinized bank records and transactions to assess if a loan can be granted, according to Tan.
Until now, the Monetary Board has not placed RBM under receivership.
Thursday, January 29, 2009
Domino effect: Another rural bank declares holiday
Domino effect:
Another rural bank declares holiday
Another rural bank declares holiday
TAGBILARAN CITY, Bohol — A rural bank in Bohol province, in central Philippines, declared a bank holiday Wednesday after heavy withdrawals by depositors following the closure of a rural bank in this city last month.
The depositors were surprised to see the Rural Bank of Maribojoc Inc. branch in Maribojoc town closed on Wednesday morning with a posted notice saying the bank was temporarily closed while awaiting a loan from the central bank and that its depositors should "beware of swindlers."
The rural bank's chairman, Restituto Tan, he declined to comment Wednesday morning but promised to issue a statement. He said he had to meet with the bank's board. Other bank officers could not be reached for comment.
Antonieto Pernia, the chief of staff at the office of the provincial governor, said the rural bank had asked for a loan from the central bank as early as December to cope with massive withdrawals.
Pernia said he introduced Tan to central bank officials who came to Bohol last month to supervise the convergence of local cooperatives in the province. He said it was at that meeting that Tan asked the central bank officials to approve the rural bank's application for cash infusion before its cash reserves became depleted.
The Rural Bank of Maribojoc had been offering depositors annual interest of 20 percent.
Last December 12, the Pilipino Rural Bank Tagbilaran City branch declared a bank holiday. It was one of 12 rural banks affiliated with the Legacy Group.
Hundreds of Pilipino Rural Bank depositors are still waiting for the Philippine Deposit Insurance Corp. to process their claims on their deposits.Monday, January 26, 2009
Rescue endangered tarsiers
Bohol officials rescue caged tarsiers
TAGBILARAN CITY – Aside from the Chocolate Hills, Bohol has the endangered tarsiers as a popular attraction.
The tarsiers – cuddly-looking creatures with soft, grayish fur, four to five inches high, with tails like rats’ and ears like bats’ – are endemic to the towns of Corella, Loboc, Sevilla and Bilar, but tourist-related businesses in other areas have taken them out of their habitats into their own display rooms to attract visitors.
This practice has prodded the provincial government to call for a ban on the showing of the tarsier for commercial purposes outside their natural environment.
Locked up for tourists
On Wednesday, the Sangguniang Panlalawigan (SP) approved unanimously Resolution No. 002-2008, urging the Department of Environment and Natural Resources, through Secretary Jose Atienza, to stop the issuance of wildlife farm permits that allow possession and display of tarsiers for business or commercial purposes.
It blamed the DENR for the proliferation of permits in Panglao, Loay, Albur, Anda and Sagbayan.
“While these towns are not considered natural habitats of the tarsiers, the plight of the primates is also critical since they are locked up in cages for easy viewing,” says Board Member Alfonso Damalerio II, chair of the committee on natural resources and environment.
The board also approved on first reading the proposed Ordinance 015-2008, which prohibits the possession and display of the tarsier and imposes penalties on violators.
The legislative measures came amid concerns by provincial officials and tourism industry stakeholders who had pushed for stronger steps to protect the tarsier, which has been classified as an endangered species by the DENR.
For an individual or entity to possess a tarsier, a wildlife farm permit must first be secured from the DENR. But the board members were bothered because the department had yet to conduct an inventory of the tarsiers that are increasingly being traded and brought outside their habitats.
Based on scientific studies, tarsiers, being nocturnal animals, rest during daytime and hunt for food at night. Damalerio said the presence of humans could shorten the tarsiers’ life span since they are subjected to stress.
Wildlife farm permits
“The DENR should stop issuing permits allowing the tarsiers to be held in captivity,” he said.
In October, a floating restaurant and river cruise business in the town of Loay obtained another wildlife farm permit from the DENR regional office to hold 10 tarsiers, including two macaques (monkey species).
Nestor Canda, provincial environment and natural resources officer, said in an interview that his office did not process the permit applications and that he did not issue any official recommendation or assessment for the issuance of the permits.
“Even with the absence of solid and strict guidelines regarding the issuance of permits, several private businesses were able to acquire a wildlife farm permit from the DENR regional office,” the joint committee report said.
“Each new permittee will put more tarsiers in danger,” Damalerio pointed out.
Sanctuary
In 1997, then President Fidel V. Ramos issued Proclamation No. 1030 declaring the Philippine tarsiers especially protected faunal species. The law prohibits the hunting, killing, wounding and taking possession of the primates and mandates the DENR to establish “appropriate sanctuaries” for its preservation.
It also states that the breeding or propagation of the tarsier can only be granted to persons or entities with technical and financial capacity to maintain its existence.
Canda promised to conduct a province-wide inventory of the people, entities or businesses who are in possession of the tarsier, whether legal or illegal.
The board resolution and proposed ordinance acknowledged the Philippine Tarsier Sanctuary in Corella as the center of the tarsier conservation program and its natural habitat. Possession and viewing for commercial and related purposes outside of the sanctuary will be penalized under the proposed ordinance.
Tarsier foundation
In 1996, the Philippine Tarsier Foundation Inc. (PTFI) set up the Philippine Tarsier and Wildlife Sanctuary at Canapnapan, Corella, in order to protect the animal from extinction through increased awareness, researches and the establishment of protected areas in Bohol.
The program also provides economic and social development opportunities to residents through ecotourism-related livelihood projects.
The foundation, headed by hotelier Anos Fonacier, acquired 170 hectares of forested area as sanctuary site. Through a P5-million assistance extended recently by Bohol Rep. Edgar Chatto, the sanctuary’s facilities and landscape are being improved.
The project also gets a yearly allocation of P1.5 million from the Philippine Tourism Authority.
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