Archive for Jennifer Gamao

NEWS: Court stops P90 M bond flotation of Compostela Valley LGU

Posted in nabunturan with tags , , , , , , , , , , , on November 28, 2009 by cha monforte
nov 13

The Regional Trial Court Branch 3 has issued an injunction stopping the implementation of the P90-million bond flotation of the local government of Nabunturan, Compostela Valley.
RTC Branch 3 Executive Judge Hilarion Clapis Jr in his decision, released Wednesday, in the Special Civil Case No. 898  praying for injunction with application for writ of preliminary injunction stated that his sala finds that the three complainants, who are town residents, “have sufficiently established the existence of grave damage and irreparable injury to justify, albeit provisionally the restraint of the act or acts complained of in this the bond flotation scheme.”
Temporarily enjoined not to make any act relating to bond flotation pending the decision of the case on the merits are Mayor Macario Humol, Vice Mayor Romeo Clarin and town councilors Darwin Tan, Eduardo Minosa, Vivencia Secuya, Cheryl Trinidad, Iluminida Cabuga, Felipe Masambo and Sangguniang Kabataan representative Jennifer Gamao.
The officials have been wanting to raise P90 million by selling government bonds to the public to fund for the construction of a “mall-like” public market building to replace the old market building razed by a fire four years ago.
Complainants were Charlie Monforte, a journalist, Emilio delos Reyes, a president of a  parent-teachers association and opposing Councilor Alfonso Tabas Jr.
They charged in their complaint that the bond flotation enacted by Municipal Ordinance No. 2008-10 “is clearly oppressive and grossly disadvantageous which if not repealed will result to great wastage of taxpayers’ money, dissipate the coffers of the Local Government Unit and importantly displace hundreds of market vendors from the said facility resulting to loss of income. loss of jobs and grievous economic injuries to ordinary citizens of Nabunturan”.

The respondents filed a motion to dismiss last February citing lack of jurisdiction and lack of cause of action, but complainants filed opposition to it following hearings where regional officials and experts from Dept of Finance and Dept. of Budget and Management and Local Finance Committee officials were summoned to testify as resource persons.
Monforte and Delos Reyes were also complainants of a separate graft complaint filed at the Office of the Ombudsman for Mindanao last August.
In that complaint, the two charged that the same respondents have allegedly failed to conduct public bidding in the hiring of the bond flotation’s financial adviser-consultant Preferred Ventures Corporation, a Makati-based firm.
They claimed that even without the “legislative enactment, ordinance or resolution to hire a financial consultant and advisor for the municipality’s infrastructure project, Mayor Humol proceeded to enter into Memorandum of Agreement with Preferred Ventures” and “(it) became an automatic financial consultant/advisor without passing through the bidding procedure as required by law”.
For opposing the bond flotation, Councilors Raul Caballero, Editha Arangcon and Tabas were spared from the complaint.  (Al Rosero/Rural Urban News)

 

NEWS: Mayor, 8 others face Ombudsman suit over P90 M bond flotation project in Compostela Valley

Posted in Alfonso Tabas, bond flotation, Charlie "Cha" Monforte, Cheryl Asion, councilor raul caballero, Darwin Tan, editha arangcon, Eduardo Menoza, Emilio delos Reyes, Felipe Masambo, Iluminada Cabuga, Jennifer Gamao, Preferred Ventures Corporation, RTC Branch 3 Judge Hilarion Clapis Jr, Vice Mayor Romeo Clarin, Vivencia Secuya with tags , , , , , , , , , , , , , , , on August 23, 2009 by cha monforte

aug 24

The entire town officialdom except for three opposing councilors in Nabunturan, Compostela Valley were charged of graft case at the Office of Ombudsman for Mindanao by a journalist and community leader for pursuing the P90-million bond flotation intended to fund the construction of a new public market building.

Charlie “Cha” Monforte, correspondent of Philippine News Agency, Business Mirror and local dailies, and Emilio delos Reyes, a president of a local parents-teachers association, charged in their joint complaint affidavit filed Thursday at the Ombudsman that Nabunturan Mayor Macario Humol, Vice Mayor Romeo Clarin and his seven councilors favoring the project have allegedly committed gross violations to Anti-Graft and Corrupt Practices Act for failing to conduct public bidding in getting the services of the Preferred Ventures Corporation as the financial advisor/consultant of the bond flotation.

Respondent councilors of the case were Darwin Tan, Iluminada Cabuga, Eduardo Menoza, Vivencia Secuya, Cheryl Asion, indigenous peoples’ representative Felipe Masambo and Sangguniang Kabataan representative Jennifer Gamao.

Monforte and Delos Reyes have earlier prayed a petition for preliminary injunction and restraining order at the Regional Trial Court-Branch 3 in Nabunturan in trying to stop the implementation of Municipal Ordinance No. 2008-10 approving the P90-million bond flotation scheme.

RTC Branch 3 Judge Hilarion Clapis Jr has yet to rule on their petition.

For opposing the local bond float since early last year, Councilors Raul Caballero, Alfonso Tabas and Editha Arangcon were spared from the complaint.

The complainants stated that under the project Preferred Ventures Corp. is guaranteed a consultancy fee of P2.37 million and its project engagement “is not limited to advisory and review services but also includes pre-investment, feasibility, design, construction supervision, management and related services and other technical services and special studies”.

They claimed that even without the “legislative enactment, ordinance or resolution to hire a financial consultant and advisor for the municipality’s infrastructure project, Mayor Humol proceeded to enter into Memorandum of Agreement with Preferred Ventures” and “(it) became an automatic financial consultant/advisor without passing through the bidding procedure as required by law”.

They charged that the MOA signed on February 14, 2008 “is illegal and void ad initio” and that despite this, Humol proceeded also to conduct a pre-bid conference last May 15 for the construction of the public market building.

They also claimed that the bond flotation option is “grossly disadvantageous to the government” as even found out in the comparative study made earlier by the town’s Local Finance Committee (LFC) which recommended for a direct bank borrowing than the local bond float as in the latter “there are undetermined expenses that will result in problems in the budgeting and accounting process later”.

The LFC also stated in its study that under a loan from government financial institution “the cost of borrowing will be properly stated and easily provided in the budget” aside from the fact that “easier terms can be negotiated with the depository bank”.

Moreover, the complainants stated that as found out by the LFC “the LGU of Nabunturan will already spend (P39.6 million) on interest payment alone” under the bond float scheme “compared to only a projected total interest payments for GFI borrowing at (P30.9 million) for the same period of time”.

The complainants also charged that based on the approved final feasibility study made by Preferred Ventures Corp the monthly stall rental for a 10-square meter space could shoot up to P10,500 rate, and at that  “unconscionable rate” lowly market vendors whose stalls were burned over three years ago could no longer afford and face the spectre of being displaced from their long source of livelihood.

With that rate and to make the project feasible, self-liquidating as well as income-generating instead “in sum, the proposed public market building supposedly funded through the much-ballyhooed ‘bond flotation’ would be anti-poor and anti-people,” the complainants stated in their complaint affidavit to the Ombudsman. (RUN)