6 CIPC board members quit

CEBU, Philippines - Six members of the Board of Trustees of the Cebu Investment Promotions Center/ Cebu Economic and Business Foundation, Inc (CIPC/CEBF) resigned from their posts.

CIPC/CEBF Chairman Geronimo Sta. Ana, Vice Chairman Augusto Go, Treasurer Sabino Dapat, Board of Trustees Rogelio Lim and Enrique Benedicto, and Department of Trade and Industry Regional Director Asteria Caberte filed a mass and consolidated resignation at the Securities and Exchange Commission (SEC) last June 30.

“We served CIPC a long time already and most of us have the same reasons why we decided to resign and it is for the stakeholders to have a free hand to choose new members and new directors,” Dapat told The Freeman.

CIPC managing director Joel Mari Yu also told The Freeman in a text message that the board, which has been in place for five years now, wanted to give the general membership a chance to pick a new board.

There have been talks that the administration of Mayor Michael Rama is not keen on providing support to the CIPC. The talks have been bolstered by the fact that the City of Cebu has not yet signed the Memorandum of Agreement (MOA) with CIPC for the release of the financial assistance worth P5.4 million for this year, despite the City Council approval of resolution No.12-5579-2013, which authorized Rama to sign, on behalf of the City of Cebu, the MOA with CIPC.

Dapat is, however, hopeful that the funds will be released in due time by the city council even if the mayor has not yet signed the MOA.

The resignation of the CIPC board members, which was made more than two months ago, gained attention after City Councilor Hans Abella, in a privilege speech during the regular session yesterday, asked the council if the board can explain the reasons why they resigned in order to clear doubts and to shed light regarding the matter in an executive session.

“I am therefore constrained to ask this legitimate question as to why these gentlemen with strength, character, dignity and integrity have tendered their mass and consolidated resignation without first conveying to the city government the reasons or the problem, if there are any,” said Abella.

A long discussion followed Abella’s privilege speech.

Councilor Gerry Carrilo said that it is not proper for the Sangguniang Panlalawigan to inquire about the motives of people resigning from a private corporation or intra-corporate matter.

 But Abella strongly disagreed saying that CIPC/CEBF has been a marketing arm of Cebu for the past few years as a duly accredited non-government organization and has played a vital role in attracting Foreign Direct Investors and making Cebu and the entire province as their investment haven.

 â€œI see no reason why we will not give weight on the matter, I know we are all puzzled by the mass resignation of the trustees considering that they did not finish their terms,” Councilor Mary Ann De Los Santos added.

Abella said that it is imperative that the council must be enlightened on the problem, adding that it is very significant and beneficial for them to know and to learn whether the investment strategies being undertaken by CIPC/CEBF in promoting Cebu will not be seriously affected by the mass resignation of the board of trustees.

Dapat, however, assured that their resignation will not affect Cebu as an investors’ haven in the country. — /QSB (FREEMAN)