The Cagayan de Oro City Council Committee on Trade & Commerce chaired by Councilor George S. Goking conducted its second meeting last July 2 regarding the alleged car loan fraud and for the second time, no representatives from Banco de Oro Limketkai branch attended despite being invited. They also did not attend the initial meeting last June 22.

Based on the City Council official Facebook page, bank management failed to appear for the reason that they are conducting their own investigation on the complaints. Despite their absence, the committee continued its discussion on the complaint filed by clients against the auto loan department of the said bank. The complainants alleged that their loan payments were understated because the down payment they made was not reflected in their accounts.

Councilor Goking endorsed four resolutions to protect the interest of bank clients.

  • The committee requested the bank’s top management to give justice to the complainant and to inform and update the committee on measures undertaken regarding the matter;
  • The committee proposed the possibility of refunding the complainants or amicable settlement by the parties;
  • The committee sought the assurance of the bank to prevent a similar incident; and
  • The committee requested for a moratorium on the payment of the car loan until the problem is resolved considering that the city is under MECQ.

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