IT would take the city government of Manila 20 years to pay the P17.8 billion debt left behind by the administration of former mayor Isko Moreno, said Mayor Honey Lacuna.
She added that P2.5 billion of the said debt was already paid since she assumed office in 2022.
“The enormous size of Manila’s debt cannot be financed with the funds that we currently have,” Lacuna said during the monthly media forum of Manila City Hall Reporter’s Association early this week at Harbor View Restaurant.
The inherited debt, she said, was getting in the way of addressing the immediate needs of residents, especially senior citizens now numbering 203,000, persons with disabilities and solo parents totaling at least 50,000, and the roughly 20,000 student beneficiaries of the city-run Universidad de Manila and Pamantasan ng Lungsod ng Maynila.
“The local government’s capacity to meet the needs of the city is being affected,” Lacuna added.
She did not specify where the past mayor used the money.
The Manila Times tried to get Moreno’s comment on the issue but has yet to receive a reply.
Past reports said the loans were utilized to bankroll infrastructure projects, including the expansion of the Ospital ng Maynila, construction of the Manila Skydeck, construction and maintenance of various health centers, and redevelopment of the Manila Zoo.
The capital of the Philippines, Manila is home to 13.7 million people and is the third richest city in the country with total assets of P40.711 billion.
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