ON EFFORTS BY THE PRESENT BOARD TO RECOVER THE REMAINING NPC MONEY AT THE POSTAL BANK

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ON EFFORTS BY THE PRESENT BOARD TO RECOVER THE REMAINING NPC MONEY AT THE POSTAL BANK

Further to the above, attached in this report to all members is the formal reply by the Postal Bank.

To recap:

Last February 1, NPC Pres. Paul M. Gutierrez, VP Mina Navarro and Dir. Boying Abasola, met with Postal Bank officials to discuss a long dormant NPC account thru the ‘NPC Multi-Purpose Cooperative’ (NPCMC), which was opened in 2002, DURING THE TERM OF LOUIE LOGARTA.

The present NPC board only learned of this account very recently; at the time of its meeting with Postal Bank officials, it still has a remaining balance of P142,000.
We endeavor to find ways to recover the money, little as it already is, as it RIGHTFULLY BELONGS TO THE NPC– and NOT to any particular official/s or member/s of the Club.

As I also reported right after the meeting with bank officials last February 1, the NPCMC was DELISTED by the Cooperative Development Authority (CDA) in 2004, mainly because it has become inactive/inoperational.

But clearly, it turned moribund not before it was able to solicit over P2 million during its short-lived existence, our inquiry showed further.

Today, it is with much regret that I report to our general membership that we can NO LONGER RECOVER the money. It is good as GONE.

As the Legal Department of Postal Bank noted:

“Furthermore, the entirety of Article VI of NPCMC’s By-Laws…expressly stated that, in case of dissolution, its funds shall NOT BE distributed to its members. Furthermore, nowhere is it stated in the By-Laws that the fund shall be assigned in favor of NPC” (emphasis supplied).

My view on what happened is this: Kung sino man ang mga walanghiyang opisyales at miyembro ng NPC noong 2002 na “nagplano” nito, alam nila ang kanilang ginagawa. “Tiniyak” nila na matapos nilang manakaw ang pondo ng NPC, kahit isang singkong duling, walang magiging pakinabang ang NPC.

We are also now almost complete in our investigation of an NPC housing project at Global City given by ex-PGMA but which the Club also lost thru another “cooperative” that turned moribund as soon as a willing private “developer” was found. Nangyari din ito sa panahong opisyal si LOUIE LOGARTA ng NPC.

ABANGAN ANG MGA SUSUNOD NA KABANATA…

 

 

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