Mangaldan public market ‘financed’ by goodwill, rental money

March 12, 2017 at 9:11 pm Leave a comment

By Mortz C. Ortigoza
MANGALDAN – This town has recouped more than one-fourth of the amortization of the P40 million loan from the Land Bank of the Philippines through the goodwill and rentals from stall owners.
 Fernando Saguisag “Adje” Cabrera, administrative officer of the local government here, said from 200 applicants for the 76 stalls of the proposed phase II f the public market, the local government has selected 76 leases  who each paid P150,000 for goodwill money for each stall.
“The goodwill (money) estimated is to be P10 million,” he said.
Cabrera said with the business savvy of Mayor Parayno, the LGU would not burden the public coffer to pay for the amortization because the project is income generating.
In January 5 this year, the Sangguniang Bayan under Vice Mayor Pedro Surdilla, Jr. unanimously approved the authority for Mayor Parayno to engage in the pre-selling of stalls at the Phase-II.
An excerpt of Resolution No. 2017-02 said the Phase-II is a replacement to the old market gutted by fire in 2009 to “ease the smooth transition of business transaction of the project to the businessmen who are interested to avail of stalls at the public market.”
Cabrera said the P10 million goodwill money would be exclusively allocated, as the ordinance mandates, for the implementation and rehabilitation of the Phase II market.
“We don’t depend on the IRA (internal revenue allotment). We are income generating,” he said.
Under the ordinance, Cabrera added, the leasee pays a rental of P1,500 a month for each stall.
He cautioned some scheming and enterprising leasees that they could not just sublease the stall by selling the P150,000 goodwill for, say, P500, 000.
To avoid this malpractice, the leasee would surrender, as mandated by the ordinance, the Certificate of Goodwill to the local government unit.
  “The leasee should return the Certificate of Goodwill to the town hall so they could not sell them. If they want to sell their rights, they should inform the LGU of their buyers,” Cabrera explained.
 The P40 million was part of the P100 million package approved by the LBP under the administration of then Mayors Herminio Romero and Berex Abalos for the construction of the Phases 1 and 2 of its public market.
According to former market administrator Juan Garcia, this first class town paid LBP an average amortization of P10 million a year since 2014.
He added that Phase 1 earned more than P1 million a month from the rent of the stalls alone.
“It means kumikita ng more than P12 million a year ang Phase 1 para sa loan as the town did not subsidize it from its other sources of revenues. Ganoon din ang mangyayari sa mga meat section and others sa Phase 2 pag na aprobahan ang loan, self liquidating uli iyon. Mangaldan is doing good in its projects unlike other towns that borrowed money to build big municipal halls just to massage the ego of their elected officials and leave their taxpayers carry the burden of amortization,” another source said.


Entry filed under: News.

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