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Manila pays P100M monthly to cover P17.8B debt

Philippines | Metro Manila

Manila pays P100M monthly to cover P17.8B debt

By Diann Ivy C. Calucin

Mayor Honey Lacuna and Vice Mayor Yul Servo were fully supported and joined by city department heads led by City Administrator Bernie Ang (Lacuna's left) as they received the first Seal of Good Local Governance for the city of Manila. (Courtesy of Jerry Tan)

The City of Manila is paying P100 million every month to cover a P17.8 billion debt inherited from the previous administration, Mayor Honey Lacuna-Pangan revealed.

This disclosure was made during a ceremony where the Manila local government unit (LGU) received the prestigious Seal of Good Local Governance (SGLG) for the first time in the city's history.

The award recognizes the city's exceptional management across various areas, including the efficient and transparent collection of funds.

Despite the substantial debt left by the past administration, Manila, under Mayor Lacuna's leadership, generated P21.29 billion in revenues in 2023, with a surplus of over P3 billion.

This financial achievement was accomplished without raising taxes or taking on additional loans.

She emphasized that the city has consistently met its monthly debt obligations to the two banks from which the loans were secured, highlighting the administration's commitment to honoring the financial responsibilities inherited from her predecessor.

The mayor expressed gratitude to the Commission on Audit (COA) for recognizing the city's efficient fund management.

She, together with Vice Mayor John Marvin "Yul Servo," also noted that Manila now ranks second after Quezon City in revenue collection and second to Pasig in revenue surplus.

The SGLG award, which was conferred to Manila for the first time, marks a significant achievement for the administration, with the first lady mayor becoming the first local chief executive to receive such recognition.

Related story: https://mb.com.ph/2024/12/10/mayor-honey-makes-history-by-earning-manila-s-first-sglg-award

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