The Dumaguete City government is debt-free as of June 30 this year.
City Treasurer Christina Merced confirmed that the administration of former mayor Manuel Sagarbarria had left Dumaguete free of debt as the city government saw a changing of the guards Thursday.
During a Local Governance Transition program at the city session hall Thursday morning, Merced was among the department heads, who officially submitted their reports to newly-installed Mayor Felipe Antonio Remollo.
Merced officially announced during the program that aside from the report from her office, she was also submitting two important documents to the new mayor.
These were certifications from two banks that showed the Dumaguete LGU had already fully paid its debts.
Merced announced in the jam-packed session hall that the city is now free of any debts and that it had P500.4 million in its General Trust fund.
She said the city government, under the leadership of then mayor Sagarbarria, had paid off its debts as early as January this year.
The city government had two loans, one each with the Land Bank of the Philippines and the Veterans Bank, incurred during the previous administration of the now deceased former mayor of Dumaguete, Agustin Perdices, she added.
Merced vehemently denied earlier reports the city government was going bankrupt.
In fact, the city government has daily collections and making daily deposits in the bank, Merced added.
The loans that were paid off included the construction of a high school and a City Hall building improvement project, with an estimated amount of some P38 million, she said.
She assured that Dumaguete does not have even a single centavo of debt as of June 29, a day after the new mayor was sworn in.
Sagarbarria took his oath, also on Thursday, as representative of the 2nd district of Negros Oriental. He had served as mayor of Dumaguete for two consecutive terms.*JFP
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