Cebu City set to pay P960-M loan balance in August

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THE Cebu City Government will be debt-free should the loan used during the construction of the South Road Properties (SRP) is paid in August 2022, as planned.

Lawyer Jerome Castillo, special assistant of the office of the mayor, told SunStar Cebu Monday, June 6, 2022, that the budget and all necessary documents have already been secured and ready for submission to the Bureau of Local Government Finance (BLGF) in Manila.

Castillo said their target date for the full payment of the P960-million outstanding balance will be on August 19.

"We will just inform the mayor that the date is fixed and then if he elects to have a ceremonial payoff, it is also good for the purposes of transparency to the public," said Castillo.

According to Castillo, this is the only remaining loan of the city, and settling this obligation would imply that the city is now debt-free.

"Yes, that would be the consequence. We are zero debt because we have cleared all. This one is the only existing loan, we are debt-free," said Castillo.

The lawyer said this milestone should be attributed to Mayor Michael Rama, who began working on the full payment of the loan during his term as mayor in 2015.

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