LINGAYEN —The provincial board here is set to give Gov. Amado Espino Jr. the go-signal to negotiate a seven-year loan term with Land Bank of the Philippines, using the province’s unreleased share of the Internal Revenue Allotment (IRA) in 2001 and 2004, as collateral.

A resolution proposed by Senior Board Member Tyrone Agabas endorsed the use of the P79.249 million unreleased IRA share of the province for 2001 and 2004 as collateral to a fresh loan that will be secured by the province from the Land Bank.

The previous loan of some P300 million was secured from Land Bank by the past Agbayani provincial administration.

The Department of Budget and Management earlier wrote the province and all local government units, assuring that the deferred IRA share will still be released but on a staggered basis through yearly monetization for seven years until fully paid.

Board Member Alfonso Bince, Jr. said the provincial government would rather seek loan of the same amount as the unreleased IRA share, instead of getting monetized of the amount yearly, which he estimated to be at the rate of P11 million per year for seven years.

The provincial government and other LGU’s similarly received a letter from Land Bank offering to grant loan equivalent of their unreleased IRA shares.

If the LGU’s agree, Land Bank will loan out the unreleased IRA share and will be the one to wait for the release of the monetization of the same from the Department of Budget and Management for seven years.

Bince said Governor Amado Espino Jr., has instructed that the province temporarily forego its earlier planned P650 million from Land Bank which will be used to rehabilitate the infrastructures damaged by typhoon Cosme, if it will get P79.249 million loan. )PNA)