Speedy investigation sought
The City Council is conducting a joint inquiry with the CDA into the complaints that some of the cooperative’s officials abused their power by availing themselves of huge loans from their funds.
City accountant Edna Jaca, also a member of the cooperative, requested that she be furnished with a copy of the documents related to the investigation.
The cooperative members wanted the investigators to immediately examine the books of accounts of their cooperative to ascertain the true state of its financial affairs.
It was learned that the cooperative is presently operating without an approved budget for the year 2007.
Jaca, who brought up the issue before the City Council, believed that the cooperative has suffered huge losses due to the bad practices of its present officials.
The cooperative is not officially connected with the city government. But City Hall wanted to protect the rights of its members considering that majority – if not all - of them are city government employees.
Saying that charity begins at home, Vice Mayor Michael Rama said he agreed with the request calling for the council and the CDA to look into the alleged anomalous activities.
It was discovered that many of the cooperative’s officials and members have been granted with a series of loans without charges and interest.
Jaca said while the cooperative’s officials and staffs were not charged with the proper charges and interest for their loans, a garbage collector applying for a loan for just P2,000 is deducted with the regulatory charges to the last centavo.
A certain Elizabeth Magdadaro, a member of the cooperative’s audit committee, reportedly managed to secure at least 24 loans amounting to P302,434 last year, while the cooperative’s secretary, Wasili Ugang, also reportedly availed herself last year of over 27 loans amounting to P356,318. — Rene U. Borromeo/LPM
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