Is the City of Bacolod Bankrupt?
We were briefed yesterday by a person close to the City Treasurer about the
financial status of Bacolod City.
To the dismay of many media practitioners, it is very apparent that the City of Bacolod is in dire financial straits. For one thing, the City owes the Philippine National Bank, the Philippine Veterans Bank, the Land Bank, CENECO, BACIWA, alleged oil companies and commercial suppliers OVER ONE BILLION PESOS!
If this is so, whatever happened to the amounts set aside for payment to CENECO and BACIWA? As it stands now, the City allegedly owes CENECO some TWO HUNDRED MILLION PESOS, BACIWA almost SIXTY MILLION PESOS!! Is it not true that financial outlays for these two utility companies were embodied in the City’s 2011 budget? As CENECO and BACIWA WERE NOT PAID this, were did the money go? If the amounts allocated to the two utility companies were realigned, Mayor Leonardiia should inform us, the citizenry of Bacolod where the funds went! It behooves Mayor Leonardia to be transparent about these funds! We were also informed that the City of Bacolod has only been paying the interest on the monies borrowed from at least three banks. Where did the amounts allocated to pay the installations on the principals? Again, Mayor Leonardia should make a full disclosure on this score!
It is stated in the 2011 financial report of Bacolod City that SEVENTY SIX MILLION PESOS WERE SPENT ON DONATIONS WHILE ONLY FIVE THOUSAND PESOS WERE SPENT ON BOOKS! Are these expenditures fair and how did it benefit the people of Bacolod?
We were told by this informant from the City of Bacolod who is privy on the expenditures of the City that they owe the Development Bank of the Phil., the Philippine National Bank and the Philippine Veterans Bank between FIVE HUNDRED FIFTY MILLION TO SIX HUNDRED MILLION PESOS. How was this money spent? Did the expenditures benefit the Bacolodnons?
The said news about this information is that whosoever is the next City Mayor of
Bacolod City, he or she will be taking over the reins of the city which seems to
be BANKRUPT:
The 2012 budget of Bacolod only has an allocation for garbage collection for the
first quarter and none at all for the next three quarters. Why! It is, according
to our informant, because garbage collection will have been privatized by the
second quarter of 2012. So what will happen to the 83 regular workers of the DPS
who have been assigned to the garbage collection, or simply retired?
This January 2012, Mayor Leonardia should make a full report on the state or financial status of the City of Bacolod. If he is really responsive to the mandates of his office HE SHOULD BE HONEST ENOUGH TO MAKE A FULL AND ACCURATE REPORT TO ALL BACOLODNONS!
Should he fail to do so, he may end up like former President Gloria Macapagal Arroyo who is now being charged with several counts of plunder!
IF, a big IF, Mayor Leonardia is honest enough, he should make things right during the last year of his third term, if not, the powers that be, should throw the entire book at him in order that he could set things right before he steps down. Otherwise, he would be placing the successor of his office at a great disadvantage!
Will he, Mayor Leonardia, take the straight course or will he risk being charged with plunder, graft and corruption once he steps down?*
