CEBU CITY, (PNA) — A Cebu City legislator has expressed concern over the mass resignation of the trustees of the Cebu Investment Promotions Center, a recipient of financial aid from the city government.
CIPC is an organization tasked to promote Cebu Province and Cebu City, including the marketing of the 300-hectare South Road Properties.
Cebu City Councilor Hanz Abella, in a privilege speech Wednesday, said five members of the board filed their “consolidated resignation” before the Securities and Exchange Commission last June 28.
It took effect last June 30.
Those who resigned are Geronimo Sta. Ana as chairman, Augusto Go as vice chairman, Sabino Dapat as treasurer, and trustees Rogelio Lim and Enrique Benedicto.
“I am greatly concerned regarding the recent resignation of the members of the board. I am therefore constrained to ask this legitimate question as to why these gentlemen with strength, character, dignity, and integrity have tendered their consolidated resignation without first conveying to the City Government the reasons or the problems, if there are any,” Abella said.
“It is imperative that we be enlightened on the problem that seemingly besets CIPC in order for us to be guided accordingly and for us to know whether the investment strategies being undertaken by CIPC in promotion of Cebu City will not be seriously affected,” he said.
Abella said the city has the right to know the reasons behind the mass resignation, as it has a stake in the organization that has received millions in funds annually.
The city’s financial assistance for CIPC this year is P5.4 million.
The proposal of the executive department was only P4 million but the council increased it to P5.4 million.