THE Cagayan de Oro Water District (COWD) has already collected an initial P5.6 million under its amnesty program.
COWD interim manager Fermin Jarales reported this January 23 during a press conference.
Under the amnesty program, penalties are waived and delinquent consumers have the chance to settle their accounts on a staggard but periodic basis.
The erring consumers consisted of 33,202 residential accounts, 4,736 commercial accounts and 158 government accounts.
Consumers which have an outstanding balance of P50,001 or above are allowed as much as four years to settle their obligations.
“We invite delinquent and inactive accounts who are having a hard time paying their bills to avail of the COWD Bill Easement and Amnesty Program.Visit the COWD oifices in Tin-ao, Corrales and Kauswagan,” Jarales said.
In another development, one local government unit has already committed to invest P1 billion for the government bonds that COWD will offer.
Jarales said that once this is realized, it will be the first water district in the country to release bonds.
The COWD has also secured an opinion from the Securities and Exchange Commission (SEC) that the bonds that they will be issuing are exempted from registration.