Archive for the mayor humol Category

NEWS: People’s initiative petition filed vs. LGU P90 M bond flotation in Compostela Valley town

Posted in councilor raul caballero, mayor humol with tags , , , , , , on September 25, 2008 by cha monforte

NABUNTURAN, Compostela Valley- The people’s initiative petition seeking to repeal the controversial ordinance approving the P90-million bond flotation project of the municipal government of this town was finally filed to the local sanggunian Wednesday.

The bond flotation seeks to fund for the construction of a new public market building.

The Nabunturan initiative petition runs as the first test case in the exercise of people’s initiative in Mindanao as provided by the Constitution while only a couple of cases have been reportedly made in Luzon.

The petitioners led by Councilor Raul Caballero were composed of the authorized representatives of the petition, youth leaders, and representatives of public market vendors, who have since been apprehensive of being dislocated once the project is materialized.

Antonio M.I. Mencidor, one of the authorized representatives of the petitioners, said that their petition is not meant to obstruct development but stop the extravagant, exorbitant and expensive bond flotation project.

He added that the municipal bond float was rejected even by the town’s Local Finance Committee for its “uncertain terms”.

The petition seeks to repeal Municipal Ordinance No. 2008-10 which approved the P90-million bond flotation pushed by Mayor Macario Humol, Vice Mayor Romeo Clarin and eight of the eleven town councilors.

Also opposing the project are Councilors Alfonso Tabas Jr and Editha Arangcon.

Lead counsel of the initiative petitioners is Atty. Dexter Lopoz.

Petitioners stated that under Sections 120, 121 and 122 of the Local Government Code of 1991, local Initiative is resorted to or initiated by a minimum of 100 registered voters of the municipality directly in order “to repeal a clearly oppressive and grossly disadvantageous local ordinance which if not repealed will result to great wastage to taxpayers’ money, dissipate the coffers of the local government unit and more importantly, displace hundreds of market vendors from the said facility resulting to loss of income, loss of jobs and grievous economic injuries to the ordinary citizens of Nabunturan”.

They charged that “the nature of bond flotation with its floating rates of interest plus the numerous underwriting, trusteeship, guarantee and consultancy fees (all of which are recurring expenses save for the one-time consultancy fee of P2,700,000.00), the actual cost of bond flotation and its ensuing operations cost cannot be fully ascertained”.

They stated that compared to bond flotation, a loan from a Government Financial Institution (GFI) has the “cost of borrowing properly stated and easily provided in the budget” aside from the fact that “easier terms can be negotiated with the depository bank”.

They charged that as found out by the LFC during the two (2) years while the public market is under construction, the LGU of Nabunturan will already spend P39,600,000 on interest payments alone as compared to only a projected total interest payments for GFI borrowing at P30,933,750 for the same period of time.

For among these, the petitioners charged the “whopping P9,000,000 difference in interest payments making the bond flotation project prove to be grossly disadvantageous to the government”. (Cha Monforte/Rural Urban News)

Ganging up filibustering councilors

Posted in editha arangcon, jun tabas, mayor humol, raul caballero, romeo clarin with tags , , , , on August 16, 2008 by cha monforte


By Cha Monforte

The outrageous P90-million bond flotation in Nabunturan is starting to come into gears even if the town public has still largely no idea what a bond float is. On Tuesday the stamp pad majority councilors ganged up one of their own who refuses to buy the bond float project. Councilor Alfonso “Jun” Tabas Jr was trying to filibuster two new items relating the bond flotation pushed by Mayor Macario Humol. But tyranny in numbers of the majority councilors sealed the continuing anti-bond float protestations of the minority bloc which included also Councilors Raul Caballero and Editha Arangcon.

The P40 million borrowing, so unspecified, was the major item of the P42 million subjected to the second supplemental budget ordinance which was approved by the majority on that day. I guess the ordinance was right away signed by the mayor. But the same in our previous essays, they could not party yet. The ordinance which still needs to be confirmed by the provincial board will surely pass the scrutiny of the anti-bond float Boardmembers the known Three Mosquiteers or LBC- Dexter Lopoz, Neri Barte and Armando Codilla, and the latest entrant BM Dr. Ruben Flores, the ex-mayor who sensed three weeks ago during the Comval SP voting that the bond float is bad for the health of the town he once served for one term.

Now what is this P40 million borrowing that the mayor had certified as urgent and was approved in a rush by his stamp pad majority and Vice Mayor Romeo Clarin who ganged up and cut short a filibustering Tabas last Tuesday?

Because the P40 million has no specific source like the Land Bank of the Philippines and because a bond float-related resolution was also passed on that gloomy day which lifted the confidentiality of the LBP accounts of the municipal government for the Central Bank and Department of Finance to pry on it, my best guess is the P40 million borrowing is a standby credit that the munisipyo will borrow from the waiting cabal of sharks- so to speak- composed of the financial advisor, the Preferred Ventures Corp, the unknown underwriters, the unknown brokers (ahentes) and the unknown guarantors. Humol and Clarin et al are not shifting to bank borrowing from a bond float funding alternative as they are already drenched in the rain..

There we see that from the budget nomenclature alone, the bond flotation is a borrowing after all, plain and simple, contrary what the bond float pushers have been saying all along to Nabunturan public that it is not borrowing but fund sourcing from bond buyers and investors. These are the first-level buyers, whom I can see to be non-takers considering the economic crunch and the lack of understanding of the general public on what a bond float is in the first place.

We see it now this early that Humol and Clarin et al have already prepared the ground to borrow from the conspiring cabal, even as they have not floated the bonds yet for the first-level non-takers. This conspiring cabal is the second-level bond buyers or investors who would underwrite or buy the bonds in bulk after the first-level individual buyer fail as expected in a short month’s time.

As the conspiring cabal will expectedly be saving the faces of the bond float pushers for the zero or lack of individual bond buyers or investors, like what had happened even to the bond float for the internationally famed Boracay Island, expectedly, too, the cabal will be bringing the cards close on their chests, and these are the high interest rates (P19.8 million for the first and second repayment years alone).and the hidden charges and fees of the borrowing-underwriting besides that they could also cash in on from the expensive, exorbitant and unnecessary P2.7 million consultancy fees, yearly recurring underwriter, guarantee and trustee fees of P2.8 million, while a contractor could benefit of the P6.7 million for the architectural and engineering design (or sa drawing pa lang). I fear the P40 million just approved is intended for these, as the LGU’s debt service and borrowing capacity will first be probed by the Central Bank and the Dept. of Finance.

This is getting untolerable already. First they engaged in an ambitious project without conducting intensive information dissemination, then they chose the Preferred Ventures Corp as the financial advisor-consultant without the benefit of a bidding, next they the made a lutong macao public hearing, next they railroaded the public hearing opposition by enacting the bond float ordinance in a rush on the second and final reading, and now they are using their tyranny in numbers to scuttle whatever protestation of the minority bloc. “I voting na para mahuman na ni,” commanded VM Clarin to the stamp pad councilors who ganged up on the noisy Tabas.

But no sooner they could have their comeuppance. Once in Russia, the people have agreed to be treated like idiots, all for the sake of some sort of “Oily Mother Russia Orthodox Neo-Tsarist Neo-Sovok Glory.” I don’t know what that means, but it’s all about hailing a communist glory. But on the other hand it was the great US President Abraham Lincoln who said, “You may fool all the people some of the time, you can even fool some of the people all of the time, but you cannot fool all of the people all the time.” (Cha Monforte/Rural Urban News)

NEWS: Family of hit-and-run victim seeks P3 M compensation from Nabunturan LGU

Posted in mayor humol, Uncategorized with tags , , on July 24, 2008 by cha monforte

July 24

The family of a former barangay captain who was killed in a vehicular accident involving a municipal dumptruck is seeking for payment of P3-million liability compensation from the municipal government of Nabunturan.

Former poblacion barangay captain Nestor Palay was driving his single motorcycle when he was suddenly bumped off by a fast running dumptruck driven by municipal employee Rio Mira, who in the traffic accident report did a hit-and-run after the incident last June 27 at Purok 15 at the poblacion. Palay was still brought to the hospital where he later died.

Earlier, Mayor Macario Humol offered the family a compensation amounting to P100,000 from the third party liability insurance through the Government Service Insurance System with a waiver from suit. The Palay family refused.

Last Monday, the Office of the Mayor received the last and final demand for the payment of compensation from the Lopoz and Lopoz Group, the law firm tapped by the Palay heirs to secure liability compensation from the municipal government.

In the demand letter, Humol is given 15 days to settle the matter amicably, otherwise the Palay heirs will be filing criminal, civil and administrative cases against the municipal government.

The Palay family had accordingly spent about P500,000 for the hospital and related expenses.

The law firm said that subsidiary liability for damages for Palay are justified as undoubtedly and by public knowledge the victim was once a public official of the municipality and “his reputation is beyond question.”

The demand letter was jointly signed by three brother lawyers Atty. Rex Jasper Lopoz, Atty. Arvin Dexter Lopoz and Atty. Jaime M. Lopoz, Jr. (Cha Monforte/Rural Urban News)