MUNTINLUPA CITY NOW DEBT-FREE IN 2019
MUNTINLUPA CITY - The Muntinlupa City government is now debt-free this year after repaying a P2-billion loan contract from the Development Bank of the Philippines and Land Bank of the Philippines.
The local government incurred a total of P1.02 billion worth of loans plus P175.2 million in interest which was supposed to be settled not later than September 2021.
Other unpaid obligations include garbage services, gasoline suppliers and terminal fees.
But this month, the city council said it has been cleared of all loans as certified by the two lending banks.
Muntinlupa Public Information Officer Tez Navarro said Mayor Jaime Fresnedi set aside funds annually for the debts and ensured the efficient utilization of funds to settle all balances.
The initiative was facilitated without sacrificing public service.
Navarro explained the local government started to settle all the loans in 2013 until it was fully settled this year.
Despite limitations brought by the outstanding balances incurred from the previous administration, city council strived to deliver more inclusive and expansive services to the constituents.
During the annual payment of debts, the Muntinlupa LGU managed to expand its educational assistance to local students.
Moreover, the city government strengthened its program for budding entrepreneurs by providing a zero-interest loan assistance.
Fresnedi thanked all Muntinlupa residents for their support and said the feat was a collective effort.
He also urged them to continue to unite towards a better debt-free Muntinlupa for all.
Fresnedi vowed to provide more projects and programs now that the local government has been relieved from paying debts and its funds can now be used for programs and projects for the people.