Mayor Honey Lacuna says that the P17.8 billion debt left by former mayor Isko Moreno will take 20 years for the Manila municipal government to pay off.
According to Lacuna, her administration has paid off P2.5 billion of the debt since taking office in 2022. Regarding the remaining balance, she expressed concern, stating, “The enormous size of Manila’s debt cannot be financed with the funds that we currently have.”
During the monthly media forum of the Manila City Hall Reporters Association, held at Harbor View Restaurant earlier this week, Lacuna emphasized that the inherited debt is hindering the city’s ability to address the urgent needs of its residents. These include approximately 20,000 students attending the city-run Universidad de Manila and Pamantasan ng Lungsod ng Maynila, around 50,000 persons with disabilities, and over 203,000 senior citizens.
“The local government’s capacity to meet the needs of the city is being affected,” Lacuna said.
Lacuna did not clarify how the loans were utilized by the previous administration. Attempts to contact Isko Moreno for a response were unsuccessful.
Previous reports suggest that the loans were used to finance several infrastructure projects, including the redevelopment of Manila Zoo, the construction of the Manila Skydeck, the expansion of Ospital ng Maynila, and the establishment of other health facilities.
With P40.711 billion in total assets, Manila, the capital of the Philippines and home to 13.7 million people, is the third richest city in the nation.
