You are on page 1of 1


REGARDING ALLEGED OVERPRICE IN THE PURCHASE OF TWO VOLVER GRADER EQUIPMENT IN 2006 The malicious imputation made by the Defensor administration that the purchase of two (2) Volvo Graders in 2006 during my incumbency as Governor of Iloilo was overpriced is false and erroneous. Heavy equipment such as graders, dump trucks, road rollers (pison), backhoe excavator and the like are quoted in U.S. Dollar denomination, and not in Philippine Pesos. Hence, it follows that the Peso equivalent of the purchase price will depend on the prevailing foreign currency exchange rate at the time the transaction took place. A table on foreign exchange rates (Peso vs. U.S. dollar) shows that the average exchange rate for the year 2006 was P51.3143 for every $1.00. In 2011, the average exchange rate fell to P43.3131 to $1.00. With this as background, it is easy to understand that a piece of equipment bought for the same price of $1,000 would have fetched a peso equivalent of P51,314.30 in 2006 and P43,313.10 in 2011. This is not rocket science. It is simple arithmetic. Heres the link to the Bangko Sentral ng Pilipinas (BSP) table on exchange rates: <> Is there overpricing? To the stupid and ignorant, it would appear so. But clearly, there is no overpricing, and I strongly deny the suggestion that I engaged in the S.O.P. practice of corruption. With this clarification, I request Atty. Dennis Ventilacion, provincial legal officer, to issue a public apology for the baseless and malicious insinuation he made to the media through the Public Information Office (PIO). I view it as a desperate effort to malign my name and reputation and divert the publics mind from the issue of the upsurge in electricity bill payments of the Iloilo Capitol under this administration. (Sgd.) NIEL D. TUPAS SR. May 10, 2012