Guam- Senator Ben Pangelinan is pleased with Governor Eddie Calvo’s decision to pay $3 million dollars to members of the cost of living allowance or COLA class.
On Wednesday, the Governor’s Office revealed that checks were mailed to recipients that were named in a public law that was authored by Pangelinan. The $3 million was made available through bond proceeds. The senator says while he welcomes the cooperation from the Governor, he’s looking for him to do one final thing and that’s to issue a Request for Proposal (RFP) for the remaining COLA balance.
“This remaining balance of somewhere between $15 to $17 million dollars…of course, the whole idea is that we issue those promissory notes” said Pangelinan. “Investors buy those notes. We take the cash and we pay off the $15 to $17 million dollars of the remaining liability from the interest on the COLA certificates and that would close that chapter. We would then make yearly payments and structure this outstanding obligation and pay it off in 5 to 10 years.”
Pangelinan adds that he is reminding the Governor that he has 30 days to issue the RFP, but he is confident that Calvo will close off the final COLA chapter. In a release, the Governor states quote, “My administration will continue to work with the legislature and the COLA class to pay what is owed to them.