Tuesday, July 28, 2009 [ sunstar.com.ph ]
HELEN Edralin, who has business interests in Hong Kong, is offering a P1 billion loan to the City Government to jumpstart development of the city market.
Edralin appeared before the City Council asking for approval of a resolution, which would authorize the payment of the loan from the city’s internal revenue allotment (IRA).
The loan is payable in 14 years at a 7.5 percent interest per annum.
The terms are negotiable and no collateral was required from the City Government.
Asked how much capital her company -- Philmar Maharlika Inc. -- has, Edralin declined to answer but assured it has enough assets and available cash to produce the amount.
She later told City Hall reporters that she is offering the loan due to the market’s current condition. “It is muddy, that’s why I want it improved… it is for tourism.”
She said she is aware that development has been awarded to Uniwide and a court case stalled plans for the market. She, however, insists development should start now.
Owing to the pending case at the Court of Appeals, the council decided to refer Edralin’s proposal to the committee on laws and ways and means for further study.
Vice Mayor Daniel Fariñas said referral to these committees would give a chance for the city not only to study the proposal but also to conduct a background investigation on Edralin and her company. (Rimaliza Opiña)
Published in the Sun.Star Baguio newspaper on July 29, 2009.
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