Home News Frontpage 1st Valley Bank buys-out P116M loans of city workers

1st Valley Bank buys-out P116M loans of city workers

DUMAGUETE CITY – Mayor Felipe Antonio “Ipe” Remollo signed the Memorandum of Agreement between the City of Dumaguete and 1st Valley Bank represented by Chief-of-Staff Glen Mendez that will provide for automatic payroll deduction for salary loans of qualified and regular employees of the city.

The bank will buy-out the previous loans of employees with other lending institutions to better monitor the loan contracts entered into by city hall employees. There are reports that the total accumulated loans by employees now reached P 116 million,which 1st Valley will buy-out with the same terms and interest rates.

In this manner, the concerned employee will regain his or her good standing status and help manage their finances better. Mayor Remollo lauded the City Council for approving the terms of the MOA.

Acting as witnesses to the MOA signing this morning were Councilor Lilani Ramon, Area Manager Bobby Paye, Branch Manager Sheila Mandantes 1st Valley Bank Vice President Annie Lisa Estrera, Vice-Mayor Franklin Esmena, Councilors Estanislao Alviola and Manue Arbon.

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