In defense of mainstream media
Contrary to apparently malicious implications that mainstream media did not expose the P5.8 billion mega loan of the provincial government, the Negros Chronicle has refuted politically-motivated statements on social media, saying that indeed, the unprecedented term loan to the tune of P5.8-billion by the provincial local government unit of Negros Oriental under Gov. Manuel “Chaco” Sagarbarria was published in full in June and August last year by two local community newspapers here, namely the Negros Chronicle and the Dumaguete MetroPost.
The first batch of the super loan of P4.050 billion from LandBank of the Philippines was published by the Sanggunian Panlalawigan in the Dumaguete MetroPost on June 9, June 16, and June 23 last year.
The Chronicle published on Aug. 4, Aug. 11, and Aug. 18 last year a separate batch of the loan made by the provincial government with the Development Bank of the Philippines amounting to P1.8 billion.
This was confirmed by Provincial Board Secretary Atty. Geoffrey Villahermosa, and by Vice Gov. Jake Reyes, presiding officer of the Sangguniang Panlalawigan.
The P1.8-billion loan was enacted into Ordinance No. 107 on March 11, 2024, and was published for three consecutive weeks for the information of the public.
According to the Chronicle publisher/editor, the entire Ordinance was published en toto, and occupied six full pages of the weekly.
He explained that in journalism, the treatment of news “totally depends on how the editorial team treats the issue”. This is the mandate of the press as enshrined in our Constitution, he said.
In this instance, the Chronicle publisher said, his editorial team opted to publish the entire Ordinance for three consecutive weeks for the public to be informed. This was also in compliance with the requirement for the effectivity of such Ordinance.
The Dumaguete MetroPost also published Ordinance No. 105 which covers the P4.050 billion loan.
Never silent
Thus, the Dumaguete mainstream media was never “silent” about the megaloans — as maliciously imputed by a “media” newcomer, and an irresponsible blogger, who must also be a paid political troll who is apparently new in Dumaguete. He does not seem to know the things that the media here in the City cover, lamented the Chronicle publisher.
“As we have said in our past editorials, we, the mainstream media have a moral responsibility to the public, and we do not lie nor keep silent. We write with evidence on hand, not with speculation,” the Chronicle publisher said.
Highlights of the loans
Ordinance No. 105 at P4.050 billion was borrowed from LandBank of the Philippines which has already released mobilization funds of 15 percent to the Provincial government.
The title of Ordinance No. 105 is “Ordinance on the borrowing of the Province of Negros Oriental in the amount of Four Billion Fifty Million Pesos (P4,050,000,000.00) to fund the construction of the Negros Oriental Medical City (P3.3 billion), and installation of solar street lights in 25 LGUs in Negros Oriental (P750 million).”
Other highlights of the loan: For Term Loan 4, the principal amount is payable in 52 quarterly amortizations to start at the end of the 9th quarter from the date of initial release of the loan.
For Term Loan 10, the principal amount is payable in 32 quarterly amortizations to start at the end of the 9th quarter from the date of initial release. All loans released in tranches.
*Penalty of 24% per annum in case of non-payment
*Proof of application for an Environmental Compliance Certificate, and its submission prior to the third release.
*All releases are credited to the LGU’s account at LandBank.
*Provincial government waives its rights on laws of bank secrecy and information security under RA 1405 (Prohibiting disclosure of or inquiry into deposits with any banking institution)
*Loan collateral: assignment of 20 percent of National Tax Allotment (formerly IRA) with LandBank
* Entire proceeds of the loan be exclusively used to finance construction of the Medical City and installation of solar streetlights in 25 LGUs of Negros Oriental.
* Enacted on Feb. 12, 2024, and signed by the Negros Oriental Provincial Board, and by Gov. Manuel “Chaco” Sagarbarria.
Signatories of the P4.5 billion loan: Provincial Sec. Geoffrey Villahermosa, Vice Gov./Presiding Officer Jaime “Jake” Reyes;
Board Members: Julius Sabac, Kit Marc Adanza, Woodrow Maquiling Sr., Atty. Peter Paul Renacia, Apolinario Arnaiz Jr., Carlo Remontal, Jessica Jane “Ikay” Villanueva, Alvin Uy, Marie Carlisle Reyes, Bruno Bouffard III, Shaquille Teves;
Approved by Gov. Manuel Sagarbarria.
*****
As published in the Negros Chronicle, the title of Ordinance No. 107 is “Ordinance on the borrowing of the Province of Negros Oriental in the amount of One Billion Eight Hundred Million Pesos (P1,800,000,000.00) to fund the construction of the Negros Oriental Government Center (P1.46 billion), improvement of the Perdices Coliseum (P40 million), and construction/ improvement of the Bayawan District Hospital, Bais District Hospital, and Gov. William “Billy” Villegas Memorial Hospital in Guihulngan City (P30 million).”
Highlights of the P1.8 billion loan in Ordinance 107:
* The loan is payable in 15 years, inclusive of two years grace period on principal repayment.
* The principal is payable in 156 equal monthly amortizations to start at end of the 35th month from date of initial draw, until fully paid.
* Fixed interest rate at 4.5% per annum inclusive of gross receipts taxes.
* Payments will be made at the office of lender, DBP.
Other details include:funding and yield protection, fees and expenses, represenations and warranties, covenants, conditions for borrowing, events of default, and miscellaneous provisions.
The publication covered six full pages of the newspaper.
Signatories of the P1.8 billion loan: Provincial Sec. Geoffrey Villahermosa, Vice Gov./Presiding Officer Jaime “Jake” Reyes;
Board Members: Julius Sabac, Nyrth Christian Degamo, Kit Marc Adanza, Woodrow Maquiling Sr., Atty. Peter Paul Renacia, Carlo Remontal, Jessica Jane “Ikay” Villanueva, Alvin Uy, Marie Carlisle Reyes, Bruno Bouffard III, Shaquille Teves;
Approved and signed by Gov. Manuel Sagarbarria. (Negros Chronicle)