Saturday, September 8, 2012

Proposed loan premised on a pack of lies? (Part 3)

They don't see eye to eye?
(The octogenarian Gov. Carmencita O. Reyes and 
the youthful Cong. Lord Allan Jay Q. Velasco)


What again is the P300M loan for?

Reyes: “Third, that’s for a Sports Complex. Many LGUs have obtained bank loans to promote tourism in their area..(blah-blah-blah).”

The trouble with her perceived enemy (Cong. Velasco, who else?), is that the latter had actually provided PDAF funding and tapped other fund sources, for the construction of a Sports Complex in Sta. Cruz; by all means a similar construction must be undertaken for another such complex to drive home the idea that “I have something like that complex, too”.

Reyes: “Fourth, that’s for Education. Pareng Edmund’s scholarship program must be revived…” (“Tulad ng palaging sinasabi ni Edmund, kaya marami siyang scholarship, ang karunungan ang siyang susi ng kaunlaran”).

The script dictates that the people of Marinduque must never be given the impression that the scholarship program of their perceived political enemy (Cong. Velasco, who else?), is working, and working well, openly admitted by a high ranking school official of the state college, for one, as the ‘biggest number of scholars granted to their students in the school’s history’.

Reviving a son’s previous scholarship program at the approach of elections to the extent that a provincial loan must be obtained simply sounds outrageous. Nonetheless, such Reyes scholarships are now being distributed out of capitol funds at the Reyes residence in the Boac Poblacion to college recipients who must be accompanied by immediate family members (who must be political supporters), in receiving the cash as shown in this photo taken Aug. 29, 2012:




What about the Php 300-million Term Loan with PNB?

Reyes said: “That’s just a Credit Line for P300M, we will only borrow what we need (sang-ayon sa kakailanganin lamang); the rest of the amount will be used only as “paghahanda, contingency, kung sakaling hindi makapaglabas ng pananalapi ang DOTC (for airport runway); “Opisyal na ipinahatid ng pamunuan ng PNB ang kanilang kahandaan na pagkalooban ang Lalawigan ng Marinduque ng Credit Line…”

But, in the first place, was the Governor of Marinduque authorized to negotiate for the amount (P300M), she proudly confirmed over the radio, when in fact the Sangguniang Panlalawigan of Marinduque in its original resolution specified the amount of P250-M, later amending it to P150-M as broadcast over the radio and confirmed by the Bokales, with a sudden shift in purpose when a public outcry got louder?

Remember that the SP initially specified that the loan is for ‘road network infrastructure development project’, then altered the words through a new resolution to ‘road network infrastructure projects and for other priority socio-economic development programs’, then deciding to alter it again to just ‘P100M for Marinduque Airport Runway and P50M for farm-to-market roads.’ Topsy-turvy flip-flops, and there’s more!

Are these tell-tale signs of an abnormal and nervous rush to just produce crispy moolah for campaign purposes? Re-elections must be guaranteed with money changing hands as early as now; the filing of certificates of candidacy comes in just a month from now, as we know. It’s probably really difficult to turn down an alleged P1-M (in CDF?) for each Bokal once the loan is consummated?



The PNB deal.

Meanwhile, she, the Governor immediately went to work and, guess what? She actually negotiated with PNB for a clear-cut P300-M Term Loan! And contrary to what we’ve been told about the bank’s mere conveyance of its “kahandaan”, readiness vis-a-vis the Marinduque application, the PNB letter dated July 26, 2012, that she, Gov. Reyes, talked about was to convey to the Capitol “that PNB Executive Committee has approved a P300 Million Term loan in your favor to finance the Construction of the Legislative Building, Convention Center, Sports Complex and Various infrastructure/development projects, available until Dec. 31, 2012…” with terms and conditions specified, such as the Term Loan of P300M, payable in 10 years at 6.75% interest per annum and “any amount in excess of the P300M Term Loan facilities shall be for the account of the LGU”, among nine other specific conditions.

But wait! Legislative Building?  Convention Center? Sports Complex and various infrastructure/development projects? Available until Dec. 31, 2012? So you get the impression that the plot is to dispose of or stack up money for all these ever-changing project proposals in just a couple of months or so, say October, November, December 2012? As election ban is in the offing?

It turns out that after four decades of almost complete political control of a small island province with only six municipalities, the incumbent Marinduque Governor appears to now profess to have found enlightenment: “Maikli na ang panahon mga anak, hindi natin maisusulong ang proyektong pangkaunlaran na tanging minimithi ng ating kalalawigan ng sabay-sabay kung tayo ay hindi uutang sa bangko…. Ako po ay isang ina, hindi ko po isusubo ang aking mga anak…”, she said.

Award.

“Magtiwala kayo sa inyong Nanay”, she says again, then proceeds to brag about having received an award from DILG, “Seal of Good Housekeeping”. “Bukod pa dito, ang inyong Nanay ay tumanggap kay President Pnoy Aquino noong Oktubre 2011 ng Award for Good Governance”, stressing every word with such aplomb.

Incidentally, the assessment period as basis for that award was the immediately preceding year (i.e. 2010 for the 2011 award). The criteria included innovations introduced by the LGU within the last 3 years (2008-2010 in this case). But she took her oath as governor only in July 2010, and may lay claim to the last six-month portion of the assessment period. The previous administration that she vigorously attacked (nilimas, isinangla, ginahasa), is therefore intrinsic part of that award, which incidentally is in the name of the LGU and not in the name of any ‘Nanay’, repeated ad nauseam.

Back to Credit Line.

Credit Line? Come on. What credit line, repeated in the staged show at least seven times, is she talking about? Let’s check for definitions, then:
What is a Credit Line?
“A credit line is money available for you to borrow. Instead of borrowing a specific amount of money and paying it back over time, the bank allows you to borrow any amount you need (up to your credit limit), whenever you need it.
“Contrast the credit line to a loan, where you borrow a fixed amount of money and start paying back the loan (or 'amortizing') with each payment.”

And what is 'Term Loan'?


“A loan from a bank for a specific amount that has a specified repayment schedule and a floating interest rate. Term loans almost always mature between one and 10 years.”


Without a shadow of doubt it is a P300 Million Term Loan!


Misrepresentation? Abuse of authority? Wholesale lies? Blatant attempt at potential technical malversation? Again?

Have the Honorable SP Members been had? (“Maraming maraming salamat sa aking mga anak na nasa ating Sangguniang Panlalawigan, mga bokal natin….tunay nga kayo, Nanay nga ang tingin ninyo sa akin”). Di na rin natuto?

But are they engaged now in a race at troubleshooting of some sort to legalize their blunders? Of course, there’d be arguments that no official agreement has been signed yet, nothing’s been ratified yet by the SP. But shall we just throw up our hands in frustration, or just simply throw up, and there… they go?

And what about the untruths conveyed by the parties concerned to We, The People? Just let it go and pretend we never heard of them, only to be repeated over and over again since we are perceived by her and by them to be ignorant, fearful constituents?

So they now in fact, and very soon for the rest, go the rounds of the campaign trail, while we watch them laugh, tickled to the bone for getting away with their deeds. Just like a walk in the park, it is, plotting to conduct and promote baluktot na daan, in direct defiance to Pnoy’s ‘tuwid na daan’, towards what is now seen as potentially the craziest, most expensive Marinduque election campaign of all time?

She’ll most likely go to great lengths without relent to still pull this one off? Shall we just watch, or speak out as one - for once - against it, against this negative nonsense, this pack of lies, or what now?


"Glorify a lie, legalize a lie, arm and equip a lie, consecrate a lie with solemn forms and awful penalties, and after all it is nothing but a lie. It rots a land and corrupts a people like any other lie, and by and by the white light of God's truth shines clear through it, and shows it to be a lie."  - E.H. Chapin, Living Words

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