Bank certifies Mandaue City as debt-free

CEBU, Philippines —  The City of Mandaue has managed to be debt-free amidst the ongoing COVID-19 pandemic.

The Development Bank of the Philippines has issued a Certificate of Full Payment of all the city’s loan obligations.

“In the midst of a global pandemic, when the revenue forecast is decreasing, it is an admirable feat for the City to pay off our loan obligations. This shows that a dedicated treasury workforce, unity in the leadership and political will serve as the most important elements in achieving healthy fiscal handling,” City Treasurer Regal Oliva told The Freeman on Wednesday.

Mayor Jonas Cortes said that it is the fiscal policy of his administration that government funds must be used properly.

“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,” the mayor said.

This will mean, the mayor added, that more funds will be used for vital infrastructure projects and basic services.

Oliva added that earlier this year, the city government has also paid their loan obligation with Land Bank of the Philippines in full which gives the city a clean bill of fiscal health.

Oliva added that in the midst of a pandemic, the challenge to exhaust all their efforts to raise revenues has been one of the biggest ordeals for us revenue-collectors.

In his Facebook post, the city treasurer thanked Cortes, Vice Mayor Glenn O. Bercede and the members of the City Council for always supporting the City Treasurer's Office.

“Utmost gratitude also goes to all of Mandaue's taxpayers. You are the reason why we are in the pink of financial health,” said Oliva.

Office of the Mayor’s chief of staff, Atty. John Eddu Ibañez, said that the last loan obligation of the city was the P250 million in 2006 which was used to construct the new public market (located at the back of Mandaue City Sports Complex) in Barangay Guizo.

This market however was destroyed by the 7.2 magnitude earthquake that struck Cebu and Bohol that resulted to deaths, injuries and destruction of heritage churches, classrooms, among others on October 15, 2013.

Since then, the market was no longer usable for its intended purpose and according to Ibañez, this is now being used as decon area for COVID-19 ambulances and transfer station for COVID-related wastes.

“Wala pa as of now kay pandemic. Pero naa gyuy infra project diha puhon,” Ibañez said.

The city has new public market located along Zamora, B. Ceniza and Gomez streets which is behind the National Shrine of St. Joseph that was inaugurated in 2019.

It can be recalled that a new market was constructed on the same site but this was gutted down by fire in 2004 which prompted former mayor Thadeo Ouano to construct a new one at the back of the sports complex, but the 2013 earthquake did not spare this infrastructure from being damaged. —  GMR (FREEMAN)