Aklan’s Outstanding Debts as of 2013 Is P394.46-M

by ODON S. BANDIOLA

From the original principal amount of P579.294 million loans Aklan Provincial Government contracted starting in 2004, only P394.46 million remains unpaid. The Provincial Government of Aklan will service the balance starting 2013.

This was revealed during the 2013 Annual General Fund and EEDD Budgets briefing the Provincial Local Finance Committee (PLFC) conducted for the Sangguniang Panlalawigan members on Nov. 20, 2012 at the SP Session Hall.

The briefing was a prelude to the budget hearing proper scheduled starting Nov. 22 up to the mid December when budget proposals of every department of the provincial government shall have been deliberated.

The biggest principal loan incurred by the Province was with the Philippine National Bank, as an agent bank of the Province in floating bonds worth P260 million which financed the renovation/rehabilitation of the Caticlan passenger terminal building, jetty port enhancement and the recovery of the Caticlan coastline.

The loan was incurred on April 30, 2012 but the reclamation component of the project was temporarily shelved after the Supreme Court issued a Temporary Environmental Protection Order (TEPO) on petition of a group of stakeholders. As of this date, the balance of the principal of this particular loan is P187.777 million.

The loans the Aklan Provincial Government contracted to finance some projects with outstanding balances as of Nov. 26, 2012 are as follows: 1) DRSTMH EXPANSION - P 51,765,402.17; 2) Prov’l. Capitol Main Bldg. Improvement - P53,625,000.00; 3) School of Nursing Building - P15,156,928.62; 4) DRSTMH EHMIS - P10,693.233.03; 5) Calancang Sports Complex - P39,214,592.96; 6) Unified Ticketing System, Jetty Port - P13,727,797.83; 7) Repair, Damaged Revetment Wall, Caticlan Jetty Port - P22,500,000.00; and 8) Repair, Damaged Ramp Caticlan Jetty Port - P9,000,000.00.

Except for MDFO-LOGOFIND as source of fund, all loans were contracted from Land Bank of the Philippines Kalibo Branch. 

For Budget Year 2013, a total of P114.089 million is required to service these debts, P77.45 million as amortization for the principal and P36.624 million for interest.

The Audit Report of the Commission on Audit for 2011 cited the aggressive borrowings of the Aklan Provincial Government to fund provincial, social, economic and infrastructure projects.

Aklan Gov. Carlito S. Marquez has prepared and submitted the 2013 budget amounting to P1.19 billion for discussion and approval of the Aklan Sangguniang Panlalawigan. /MP