To ease the tension gripping residents of Poblacion 1 as a result of a looming danger posed by the collapse of a sinkhole, City Mayor John Geesnell “Baba” Yap II assembled experts from the Mines and Geosciences Bureau – Region 7 (MGB-7) and launched a barangay assembly last October 30. Held at the barangay’s covered court, the assembly entertained questions of worried residents. A day earlier, a meeting of the City Disaster Risk Reduction and Management Council (CDRRMC) was held where Mayor Yap emphasized that the city should launch all the appropriate interventions to relieve the anxiety of the residents in the affected area. Mayor Yap reiterated that the city should take all the necessary precautions and relieve the panic that burdens the residents. Barangay Captain Arlene Karaan, Kagawad Tim Butalid and other barangay kagawads attended the emergency meeting to collaborate with the city in coming up with mitigating measurers arising from the danger of the sinkhole threat.

The mayor stressed that the city should follow the recommendations given by MGB-7 until such time that a second opinion from another team of experts could be secured. In its wake, Mayor Yap established the Task Force Geo-Hazard Assessment to monitor and implement the recommendations outlined by the MGB-7. The task force was created to mobilize the members of the team which is composed of the following: the city engineer, as chair, assisted by Vice Mayor Jose Antonio Veloso as vice-chair. Its members are the building official, barangay officers from Poblacion 1, city administrator, city social and welfare development officer, city health officer, city PNP, GSO officer, city traffic, barangay affairs officer, and some selected research experts.

Mayor Yap outlined the nine recommendations one by one and secured a concrete plan from the council. Mayor Yap said that the task force should first identify the very high risk areas and give notice for an immediate evacuation. Mayor Yap assigned the task force to conduct a field assessment immediately that afternoon to confirm the list of households for evacuation. He also asked the CSWD officer to confirm the evacuation center. The mayor has also tasked City Traffic Supervisor Jeremy Miro to regulate the traffic situation in the area. Mayor Yap said that 6-wheeled vehicles should not be allowed to enter adding that proper signages should be posted in the vicinity. Traffic Supervisor Miro said that the new re-routing schedule will be released within the week.

Quake-affected banks get relief measures from Bangko Sentral

Banks affected by the recent 7.2 magnitude quake in Central Visayas and Mindanao were granted regulatory and rediscounting relief measures by the Bangko Sentral ng Pilipinas (BSP).

The BSP identified areas which will be covered by the relief as Guimaras, Iloilo, Negros Occidental, Bohol, Cebu, and Siquijor. Through the regulatory relief, thrift banks, rural banks and cooperative banks, are allowed to implement the following measures:

a) Excluding existing loans of borrowers in affected areas from the computation of past due ratios provided these are restructured or given relief;

b) Reducing the 5 percent general loan loss provision to 1 percent for restructured loans of borrowers in the affected areas;

c) Non-imposition of penalties on legal reserves deficiencies of TBs/RBs/Coop Banks with head office and/or branches in the affected areas;

d) Moratorium on monthly payments due to BSP for banks with ongoing rehabilitation programs;

e) Booking of allowance for probable losses on a staggered basis over maximum of five (5) years for all types of credit extended to individual and businesses directly affected by the calamity; and

f) Non-imposition of monetary penalties for delays in the submission of supervisory reports.

For rediscounting banks, the following measures apply:

a) Granting of a 60-day grace period to settle the outstanding rediscounting obligations as of 15 October 2013 with the BSP of all rediscounting banks in the affected areas; and

b) Allowing banks to restructure with the BSP, on case to case basis, the outstanding rediscounted loans of borrowers affected by the calamity.

All banks are also allowed provide financial assistance to their officers and employees who were affected by the calamity. They may avail of assistance that may not be within the scope of the existing BSP-approved Fringe Benefit Program.

The regulatory measures will be in effect for a defined period and will be covered by additional specific and other prudential conditions.

The BSP extended the same measures to areas affected by recent natural calamities.

The monetary board implemented the regulatory relief to places affected by Typhoon Sendong, Pedring, Mina and Juaning in 2011; Typhoon Helen, Gener and Pablo, Tropical Depression Quinta and southwest monsoon (Habagat) rains in 2012; and Typhoons Labuyo, Santi and southwest monsoon (Habagat) rains enhanced by Typhoon Maring in 2013. (Josine Estuye, PNA)