CEBU CITY, (PNA) — Cebu City Mayor Michael Rama has said he will release the city’s P5.4-million financial assistance this year to the Cebu Investment Promotions Center.
But CIPC, he said, should first resolve its internal conflict.
The financial assistance to CIPC will be taken from P5.19-billion budget of the City Government for 2013.
Rama said there is a “trust and confidence” issue between CIPC managing director Joel Mari Yu and the center’s board of trustees.
The conflict led the mass resignation of five BOT members, he said.
Those who resigned from the CIPC BOT were Geronimo Sta. Ana as chairman, Augusto Go as vice chairman, Sabino Dapat as treasurer, and trustees Rogelio Lim and Enrique Benedicto.
Their resignation was filed before the Securities and Exchange Commission last June 28 and became effective June 30.
Sta. Ana earlier said their resignation was a form of courtesy to Rama, who began his second term on July 1.
He said the BOT wanted to give stakeholders of CIPC a chance to appoint new BOT members.
But Mayor Rama said CIPC has an internal problem.
“They (CIPC) should solve it internally,” he added without giving details on the problem.