A second congressional inquiry is set to delve deeper into the alleged irregularities surrounding Silay City's P1.1 billion loan.
More resource speakers from various concerned agencies are expected to attend today’s congressional inquiry by the House Committee on Public Accounts regarding the alleged irregularities in the implementation of projects related to Silay City ’s P1.1 billion loan.
Silay City Councilor Ryan Gamboa revealed that he had received reports indicating that the Land Bank of the Philippines, from which the Silay City Government secured the loan, has halted the release of funds intended for the construction of the city’s new government center. This follows the first congressional inquiry, where initial allegations of irregularities were raised. Gamboa further mentioned that the Development Bank of the Philippines (DBP) is expected to send a representative to clarify allegations regarding delays in the processing of the loan, which led Silay City officials to secure the loan from Land Bank. Representatives from Silver Dragon, the contractor involved in the project, are also expected to appear at the inquiry, particularly to address inconsistencies regarding the actual funds allocated for the New Government Center (NGC). The funds were initially reported as P499 million, but documents submitted by the contractor to the Office of the Building Official show a revised amount of P316 million. Vice Mayor Tom Ledesma is also expected to attend the hearing as one of the resource speakers, along with Mayor Joedith Gallego, who is the main resource person regarding the alleged anomalies
Silay City Loan Irregularities Congressional Inquiry Land Bank Of The Philippines
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