THE city of Manila is paying P100 million a month to cover the P17.8 billion debt left behind by the administration of ex-Mayor Isko Moreno.
This was bared by Mayor Honey Lacuna at the sidelines of the ceremony where, for the first time in the city’s history, the Manila local government unit (LGU) was conferred the Seal of Good Local Governance (SGLG) in recognition of the city administration’s excellent handling of city affairs in various aspects, which include the transparent and efficient collection of funds.
It was also learned that the city, through the stewardship of Lacuna, was was able to raise in 2023 a total of P21.29 billion in revenues and over P3 billion surplus, despite the huge debt inherited from her predecessor.
Lacuna said Manila’s improved financial standing and performance was achieved without having to raise taxes or plunging the city into huge loans.
She added that the city government never failed to pay its monthly obligation to the two banks from which Moreno’s administration secured the total P17.8 billion loans.
The lady mayor assured that the city government will not renege on its obligation, although it was not of her administration’s doing.
Lacuna and Vice Mayor Yul Servo thanked the Commission on Audit (COA) for its recognition of the city’s efficient handling of city funds.
Manila ranks second to Quezon City in terms of revenue collection and to Pasig in terms of revenue surplus.
The Manila LGU clinched the SGLG for the first time, making Lacuna the first mayor to ever have such an accomplishment.
To become an SGLG awardee, an LGU must pass a set governance areas, namely: financial administration and sustainability; disaster preparedness; social protection and sensitivity; health compliance and responsiveness; sustainable education; business-friendliness and competitiveness; safety, peace and order; environmental management; tourism and public safety.
