Manila Mayor Honey Lacuna lamented that the city government will only be able to fully settle the P17.8 billion it inherited from the previous administration by th year 2040.
Citing computations made by the city treasurer’s office, Lacuna said her administration is paying a staggering ₱200 million a month to the banks from which the former administration of Isko Moreno took a total of P17.8 billion in loans.
In total, Lacuna reported that the city government is already able to pay off over P3.2 billion since she became mayor in 2022.
The mayor lamented that the P200 million in monthly debt payments could have been used to increase the monthly financial aid for senior citizens, persons with disability, solo parents and university students, who receive the said assistance from the city based on the social amelioration program which is contained in an ordinance passed by the Manila City Council when Lacuna was its Presiding Officer.
According to Lacuna, her administration is left with no choice but to honor its obligations to the banks that granted the loans, citing how the loan has also deprived the residents of a wider array of free medical services and education programs.
Lacuna took pride that through effective fiscal management, her administration, is still able to implement programs that benefit sectors needing support the most, even while paying the loans incurred by her predecessor.
These programs include doubling the allowance of senior citizens from P500 to P1,000 a month; providing graduation cash gift for college students; building new school buildings and health centers; financial assistance for cancer and dialysis patients and affordable housing for legitimate Manila residents.
Lacuna said: “Ginagawa natin ang lahat para tiyaking ang kaban ng Maynila ay napupunta kung saan ito nararapat—hindi sa bulsa ng iilan, kundi sa kapakanan ng lahat.”
