The Manila City government is grappling with a P17.8 billion outstanding loan inherited from former Mayor Isko Moreno’s administration, as revealed by Manila Public Information Office Chief Princess Abante.
This debt, part of a larger P25 billion credit line from the Development Bank of the Philippines, was intended for long-term infrastructure projects but was largely used up within just two and a half years.
Since 2022, the city has been allocating P2 billion annually for loan repayments, limiting funds for other essential social programs.
Despite the financial strain, Mayor Honey Lacuna’s administration is focused on completing ongoing infrastructure projects while managing the debt.
The city is also reviewing the loan’s allocation to ensure transparency and responsible fiscal management.
Source: PhilNews24 | March 26, 2025
