2014 R - 02 - AUTHORIZING THE HON. CITY MAYOR ROLEN C. PAULINO TO ENTER, EXECUTE AND SIGN THE WAIVER OF CONFIDENTIALITY ON THE CITY’S INVESTMENTS, DEPOSITS, LOANS, OR OTHER TRANSACTIONS WITH BANKS AND OTHER FINANCIAL INSTITUTIONS IN FAVOR OF BANGKO SENTRAL NG PILIPINAS (BSP) IN COMPLIANCE WITH CIRCULAR NO. 769, SERIES OF 2012

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION   OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, 

HELD ON JANUARY 03, 2014 

AT THE CITY HALL.

PRESENT:

Hon. Rodel S. Cerezo - City Vice-Mayor & Presiding Officer

Hon. Eduardo J. Piano-  City Councilor

Hon. Eduardo G. Guerrero- -  “     “

Hon. Benjamin G. Cajudo II -  “    “

Hon. Elena C. Dabu -  “    “

Hon. Alreuela M. Bundang-Ortiz -   “    “

Hon. Edna A. Elane-  “    “

Hon. Emerito Linus D. Bacay -  “    “

ABSENT:

Hon. Eyrma Yvette Marzan-Estrella- -- City Councilor

Hon. Aquilino Y. Cortez, Jr. - -  “       “

Hon. Noel Y. Atienza -   “     “   (Sick Leave)

                                                                       

RESOLUTION NO. 02

(Series of 2014)

A RESOLUTION AUTHORIZING THE HON. CITY MAYOR ROLEN C. PAULINO TO ENTER, EXECUTE AND SIGN THE WAIVER OF CONFIDENTIALITY ON THE CITY’S INVESTMENTS, DEPOSITS, LOANS, OR OTHER TRANSACTIONS WITH BANKS AND OTHER FINANCIAL INSTITUTIONS IN FAVOR OF BANGKO SENTRAL NG PILIPINAS (BSP) IN COMPLIANCE WITH CIRCULAR NO. 769, SERIES OF 2012

WHEREAS, as per Bangko Sentral ng Pilipinas, the city securing a loan has to execute a waiver-letter which authorizes the examination of its account under the legally outlined and legitimately enforced official orders or directives in compliance with BSP Circular No. 769, series of 2012;

WHEREAS, the city is duty bound to comply with the said Bangko Sentral ng Pilipinas requirement which is reflective of the tenets of accountability and transparency, which the city advocates, in relation to the loan agreement for the Sanitary Landfill Program with the Development Bank of the Philippines in the amount of Php238,806,000.00;

NOW, THEREFORE, on motion of City Councilor Eduardo J. Piano, with the unanimous accord  of the Members of the Sangguniang Panlungsod present:

RESOLVED, AS IT IS HEREBY RESOLVED, by the Sangguniang Panlungsod in session assembled to authorize, as it hereby authorizes the Hon. City Mayor Rolen C. Paulino to Enter, Execute and Sign the waiver of Confidentiality on the City’s Investments, Deposits, Loans, or Other Transactions with Banks and Other Financial Institutions in Favor of the Bangko Sentral ng Pilipinas (BSP) in Compliance with Circular No. 769, Series of 2012

APPROVED UNANIMOUSLY,  January 03, 2014