THE Cebu City Authorities will be credit card debt-absolutely free must the mortgage employed through the development of the South Road Attributes (SRP) is compensated in August 2022, as prepared.

Attorney Jerome Castillo, special assistant of the place of work of the mayor, told SunStar Cebu Monday, June 6, 2022, that the spending budget and all required files have now been secured and ready for submission to the Bureau of Area Govt Finance (BLGF) in Manila.

Castillo mentioned their goal date for the comprehensive payment of the P960-million fantastic stability will be on August 19.

“We will just advise the mayor that the day is fastened and then if he elects to have a ceremonial payoff, it is also superior for the reasons of transparency to the community,” mentioned Castillo.

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

“Indeed, that would be the consequence. We are zero financial debt mainly because we have cleared all. This a single is the only existing bank loan, we are debt-free of charge,” claimed Castillo.

The law firm mentioned this milestone should really be attributed to Mayor Michael Rama, who commenced operating on the entire payment of the financial loan during his phrase as mayor in 2015.


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