Monday, January 11, 2010

P10.5-M advance signed for Sinulog

THE Cebu City government is making an initial P10.5 million cash advance to donate for the prizes of the Sinulog Festival.

Taking out a cash advance is one way for the city government to avoid the Commission on Audit (COA) rule which prohibits the city government from directly donating to the Sinulog Foundation Inc, which has founding members related to Cebu City government officials.

The Cebu City government is requesting the COA to exempt it from the rule so that it could donate to the Sinulog Foundation Inc. (SFI).

But yesterday with no feedback from COA, City Treasurer Ofelia Oliva signed the voucher for the initial P10.5 million cash advance for the Sinulog Festival prizes.

However, the Sinulog Foundation Inc. sees no problem with their finances because they are still in the process of closing deals with some companies who want to sponsor the activities.

“So far, all our expenses are covered within our budget we are on target on our sponsorship,” said Sinulog Foundation Inc. (SFI) Executive director Ricky Ballesteros.

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