ILOILO City – Borrowers of the Iloilo City Government Employees Credit Cooperative (ICGECC) were given one week starting Aug. 22 to submit proposals on how they are going to pay their loans.
Atty. Joseph Edward Areño of the Ad hoc Committee said they met with members of the ICGECC’s Board of Directors and manager on Tuesday and presented their findings on the financial status of the cooperative.
“We gave them a week to prepare their payment proposals for consideration sang ad hoc. This starts the process of giving them a chance to pay,” said Areño.
The Ad Hoc Committee was created to look into the financial issues of the cooperative.
Outstanding loans in the cooperative have reached P55.8 million and as of Aug. 3 past dues reached P18.3 million.
Areño also said there were those allowed to have multiple loans.
Meanwhile, Areño said the ad hoc will officially present the findings of their investigations on Sept. 1 during the general assembly.
He clarified, however, that the submission of payment proposal doesn’t automatically mean it will be approved.
“We expect those written proposals on Aug. 29 and after that surely kon wala gid sang may maghatag, we will just have to send out demand letters. Due process lang man ni aton tanan,” Areño explained.
So far, the legal counsel noted there were borrowers who had paid big amounts for their loans but he clarified this will not absolve them from any charges or liabilities.
“We only give them chance to somehow mabuhin-buhinan ang ila liability…,” he said.
He added: “There must be a sound loan policy from the start galing kay that is one nga observation sang aton external auditor that there was none.”
Councilor Romel Duron earlier commented there was a clear disregard of existing policies on loan applications, fund disbursements and repayments,.
He described the ongoing controversy involving millions of pesos of the cooperative as a “large-scale anomaly.”/PN
