MANDAUE CITY, Cebu— Mandaue City has officially became a debt-free LGU after it fully paid its remaining P22 million loan.
Lawyer John Eddu Ibañez, executive secretary of Mandaue City Mayor Jonas Cortes, said the certificate of full payment that certified that the city has fully paid its loan with the Development Bank of the Philippines was issued by the bank on September 17, 2021, and was received by City Treasurer Atty. Regal Oliva on Wednesday, September 22.
Oliva said the city loaned P250 million in 2006 for the construction of the city’s former public market at the back of the Mandaue City Cultural and Sports Complex that was damaged by the 2013 earthquake.
Since then, the loan was paid gradually until it was fully paid by Cortes’ administration.
Oliva said the city immediately paid the remaining P22 million balance after it got the insurance from the old building worth around P36 million from the Government Service Insurance System (GSIS).
Mayor Jonas Cortes, in a statement, said that the city’s fiscal policy is always the promotion of proper use of government funds. He said with the city being debt free, it will mean that more funds can be devoted to vital infrastructure and basic services.
“Fiscal policy gyud nato diri sa Mandaue ang proper use of government funds. The more pa gyud karon nga naay pandemic.
Bisan pa man sa atoang mga infra projects, modernization sa atong equipment, gipamalit nga mga emergency vehicles and other projects, wala nay utang ang dakbayan. This will mean that more funds will be used for vital infrastructure projects and basic services.” said Cortes.
Currently, the city is using the old market as a decontamination area for ambulances and transfer station for COVID related wastes.
It hasn’t been used since the 2013 earthquake until the pandemic came.
Ibañez said right now, they don’t have a plan yet about the dilapidated old market due to the pandemic. But he assured that there will be an infrastructure project that will be constructed there soon.
/bmjo
RELATED STORY: Cebu City will soon be debt-free, SRP proceeds almost used up