A resolution inquiring from the Bacolod City Permits and Licensing Division through the Office of the Mayor, the status of lending businesses conducted by Indian nationals in Bacolod, was proposed by Councilor Archie Baribar yesterday.
The resolution said the proliferation of Indian nationals engaged in lending business with small retail establishments in the city, may now be taken with public notice. Such practice, while initially sound, may in the long run prove a bane to local entrepreneurs, it said. Regulating such activities through the Permits and Licensing Division will protect these foreign nationals from unscrupulous elements of society, the resolution said. Meanwhile, a resolution requesting the city mayor to consider loan re-structuring/re-negotiation with Philippine National Bank, Philippine Veterans Banks, Development Bank of the Philippines and other financial institutions, if any, on the city’s paying scheme with its present debts and accounts was proposed by Councilor El Cid Familiaran. This is in line with the decrease of its Internal Revenue Allotment share due to the conversion of 16 municipalities into cities and other factors, the resolution said.*CGS
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