BY JENNY ROSE TOLEDO
ILOILO City – Criminal charges await members of the Board of Directors of the Iloilo City Government Employees Multipurpose Cooperative (ICGECC) should they fail to pay their loans.
Mayor Jerry Treñas on Wednesday, Sept. 13, warned that if members do not pay their loans within a reasonable period of time, legal action would be taken against them, including but not limited to qualified estafa, or depending on the recommendation of the City Legal Office.
Last week, the city mayor warned officers and members of the ICGECC they should be made accountable for the losses of the cooperative.
Treñas earlier said possible criminal and civil liabilities should be studied.
“I do not condone any wrongdoing even from my appointees or friends,” Treñas said.
ICGECC borrowers were given one week starting Aug. 22 to submit proposals on how they were going to pay their loans.
“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 Atty. Joseph Edward Areño of the Ad hoc Committee.
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.
So far, the legal counsel noted there were borrowers who had paid big amounts for their loans but he clarified this won’t automatically absolve them from liabilities.
Areño added: “There must be a sound loan policy from the start galing kay that is one nga observation sang aton external auditor – there was none.”
To recall, all officers of the cooperative were suspended as the controversies surrounding the cooperative’s financial status were being investigated.
With their suspension, an interim board took over so that loan payments will be collected./PN
