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Freeman Metro Cebu

Mandaue surplus unlikely to exceed P20M

The Freeman

CEBU, Philippines – If ever Mandaue City got a budget surplus from last year, it will never be more than P20 million, according to the City Treasurer's Office.

"I'm looking at less than P20 million. Why? Basically we had more expenses last year, and there's the budget for the public market which is P380 million," said City Treasurer lawyer Regal Oliva in an interview with the media.

Oliva, however, said the Accounting Department, which is still finalizing all records, has yet to release the official amount of the surplus for last year. He said it is now up to the mayor where to allocate this surplus.

Meanwhile, with or without the loan from the Development Bank of the Philippines, Oliva said they can start with the construction of the new public market.

"No loan necessary, naa ko'y kwarta," said Oliva while laughing, adding that if ever DBM releases their loan, the amount will be "on standby."

The new public market will stand at the abandoned public market at the back of the National Shrine of St. Joseph in Barangay Centro.

For the annual city budget this year, Oliva said the City Council has already allocated P380 million for the public market's construction; hence, the bigger expenses in 2015.

The loan with DBP remains pending because Mandaue City has yet to submit the certificate of borrowing capacity, among other documentary requirements, which the Bureau of Local Government Finance.

The city has applied for a P600 million loan from DBP, P400 million of which will be used for the market building. The remaining amount will serve as a "standby funds" in case the budget is not enough, said Oliva.

The site where the market building will rise has been fenced off in preparation for the start of the construction.

"With our without the loan, they can start it. And with or without the loan, we can pay it," Oliva said. (FREEMAN)

ACCOUNTING DEPARTMENT

BARANGAY CENTRO

BUREAU OF LOCAL GOVERNMENT FINANCE

CITY

CITY COUNCIL

CITY TREASURER

DEVELOPMENT BANK OF THE PHILIPPINES

LOAN

MANDAUE CITY

MARKET

QUOT

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