Cagayan de Oro is a billionaire city

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CAGAYAN de Oro is a billionaire city.

This is seen in documents transmitted by Outgoing City Treasurer-Designate Engr. Marilyn P. Legaspi to Ms. Susan C. Ganancial, OIC Regional Director of the Bureau of Local Government Finance (BLGF-10), Mayor Oscar S. Moreno, and Vice Mayor Caesar Ian E. Acenas relative to the turn-over of money accountability to Incoming City Treasurer-Designate Glenn C. Bañez, MPA, PhD, as of August 19, 2013 amounting to P1.1 billion.

Based on the indorsement signed by Engr. Legaspi dated August 20, 2013, out of the amount, total cash in banks for the General Fund is P832,376,940.19, P191,283,913.43 for Special Education Fund and P100,568,452.67 for Trust Fund, with a grand total of P1,124,229,306.29.

Documents included the Invoice-Receipt for Transfer of Funds Inventory of Cash as of August 19, 2013, which indicates the city’s accounts with the Land Bank of the Philippines, Postal Bank, Development Bank of the Philippines, Philippine National Bank, Philippine Veterans Bank and PPSB with their corresponding account numbers and amounts.

Also submitted were the Inventory of Unused Checks as of August 19 for the three accounts, the Consolidated Report of Accountability for Accountable Forms, and office supplies.

A copy of these documents were also furnished to the City Council committee on finance and ways and means chaired by Councilor President D. Elipe, the City Administrator, City Budget Officer, City Accountant, and the Commission on Audit (COA), as indicated in the indorsement.


The BLGF regional director issued a directive to the ICO-City Treasurer for the turn-over of all accountabilities to the newly designated ICO-City Treasurer.

By virtue of BLGF Special Personnel Order No. 035-2013, Bañez was designated as the In-Charge of the Office of the City Treasurer for a period of six months effective August 19, 2013 until February 18, 2014.

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