The Land Bank of the Philippines has certified that the local government of Paranaque City is now debt-free.
Mayor Edwin Olivarez thanked City Treasurer Anthony Pulmano for using the “prudent spending and good governance” formula that enabled the city government to pay off its loan to Land Bank amounting to more than P4-billion.
Olivarez said the city government acquired the debt of more than P4-billion since 2013.
He said the city government also included transparency and accountability in the “prudent spending and good governance” formula in paying off the debt of the city government.
The mayor said that even at the height of the pandemic, the city government was slowly paying off its loan to Land Bank and other financial institutions.
Land Bank Vice-President Esperanza Martinez and account officer Josephine Cabanella issued the city a certificate of full payment dated June 29. It was received by the LGU on July 1.