Misortel debts balloon to P308 million: Bambi

In an article published in Mindanao Gold Star Daily today, it says that the Misamis Oriental Telephone System (MISORTEL) has already incurred debts amounting to P308 million which was revealed by Governor Yevgeny Vincente “Bambi” Emano. The debts piled up since the past administrations, including his father. But what is notable is MISORTEL’s debt has increased to P40 million in 2012 alone. Emano said the Moreno administration secured a loan of P40-million from the Land Bank of the Philippines last year.

According to the Commission of Audit, MISORTEL board members used to enjoy an honoraria which is a violation of Section 4 Article 17 of Presidential Decree (PD) 1445. Previous  MISORTEL chair, Mayor Oscar Moreno, used to enjoy a P14-thousand honorarium for every board meeting and the vice chair, former vice governor Norris Babiera, received P12 thousand. The provincial board members who were Misortel board members  got P10 thousand each. The board met at least twice a month.

Read source Mindanao Gold Star Daily HERE.