Davao to Pay Debts 'til 2018

Davao to pay P2.3-B debts 'til 2018

THE  Davao City Government has a remaining P2,323,171,937.74 in debt and based on Mayor Sara Duterte-Carpio’s estimates, it would take up to 2018 to pay-off all the city's debts.
Based on a certification issued by the Land Bank of the Philippines (LBP) forwarded to the City Government of Davao, the City has paid a total of P461,252,589.87 in 2011, while P145,806,740 was paid in the first four months of 2012.

Duterte-Carpio, in Monday’s press briefing at her office, bared her top three priority programs that include eliminating the city's debt.



"Hudton sa nato bayad tanan natong utang kay hantod 2018 pa bago nato mabayaran tanan (We have to pay all the city's debts until 2018)," she said.
The mayor also said that she did not avail of any loan from any financial institution since she assumed her post as city mayor in 2010.

She said she prefers spending only what is in the city's coffer generated from enterprise and tax revenues.
Of the city's outstanding loans, a bulk of the debts was used for the third phase of the city's traffic signalization amounting to P524,608,691.26, followed by the P523-million loan that financed various infrastructure projects of the City Government. (JOP)


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