TAGUIG CITY IS NOW DEBT-FREE
TAGUIG CITY – The local government reported that Taguig City is now debt-free, marking the beginning of 2019 with a clean slate.
In December last year, Taguig City was able to pay loans worth P1.2 billion plus P388.9 million in interest which were incurred by the previous administration.
According to Voltaire Enriquez, officer-in-charge of the City Treasury Office, the local government set aside funds annually to repay the debts.
For instance, in 2011, the city council took P220 million from its P3.7 billion annual budget for debt payment.
“We pre-terminated all our loans with LandBank because, by the end of 2018, Mayor Lani wanted that the next administration would not have to suffer the same fate she suffered when she took on the administration in 2010,” he added.
The local government avoided luxury and made sure funds were used efficiently.
“Take this example from the previous administration: imported mobile garbage bins that cost a debt of over P100 million. We did not engage in those things,” Enriquez said.
Despite this objective of becoming debt-free, Taguig City Mayor Laarni Cayetano’s administration did not allow this to happen at the cost of delivery of efficient and more expansive services.
In fact, the previous P5 million budget of the previous administration for scholarship was increased by P100 million yearly from 2011 to 2016. Last year, the budget for scholarship was at P650 million.
To stay on track, the city started the yearly Business One-Stop Shop (BOSS) which allows for processes for renewing business licenses and registrations to be streamlined.
This system has earned a Blue Certification Award from the Office of the Ombudsman indicating that it passed the anti-graft agency’s standards to hasten the process and provide ease in doing business in Taguig.
“The more taxes we collect from the business community, the more services we can provide to Taguigeños,” Cayetano said.