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Manila Bulletin devider Philippines devider Metro Manila devider Mayor Isko credits tight spending, debt settlement for Manila recovery

Mayor Isko credits tight spending, debt settlement for Manila recovery

Published Jul 9, 2026 08:07 am
Manila Mayor Francisco "Isko Moreno" Domagoso said strict spending controls and settling inherited obligations helped stabilize the city’s finances, as he addressed newly elected officers of the Philippine Institute of Certified Public Accountants (PICPA) on Wednesday, July 8.
Manila Mayor Francisco “Isko Moreno” Domagoso with the newly elected officers of PICPA (Photo courtesy of Manila PIO)
Manila Mayor Francisco “Isko Moreno” Domagoso with the newly elected officers of PICPA (Photo courtesy of Manila PIO)

Speaking before newly elected officers of PICPA, Domagoso said the city faced serious financial challenges when he assumed office in July 2025, including mismanaged funds and unpaid obligations from the previous administration.

“When we assumed, we suffered great fiscal mismanagement. For a short period of time, we tried to recover through efficiency in expenditures, recognizing prior years' obligations, and giving our creditors a level of assurance,” the mayor said.

He added that despite limited cash on hand, the city prioritized settling outstanding obligations to maintain credibility.

“I don’t want Manila to be known as a city that does not honor its commitments,” Domagoso said.

To stabilize finances, the mayor said the city government imposed stricter fiscal controls, including daily monitoring of its cash position to guide spending decisions.

“Every day, we review Manila’s cash position so we remain disciplined and avoid unnecessary expenditures,” he said.

Domagoso also credited members of the city’s fiscal management team, including City Treasurer Atty. Paul Vega and City Accountant Jonathan Galorio, for helping enforce sound financial policies and strengthen accountability.

He said the city’s financial standing has since improved, allowing the local government to sustain essential services while gradually addressing inherited obligations.

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