Hooray for Debt-Free Dumaguete!

Being financially stabled and economically balanced is quite tricky even for an individual. The good news is that Dumaguete City, for the first time, is debt-free. Hooray!!! The better news is that the Development Bank of the Philippines (DBP) is offering a credit line worth Php 1.5 billion.

Debt-Free Dumaguete

With the main leadership of Dumaguete Mayor Felipe Antonio Remollo, these turn of economic stability was achieved. The economic stability relied on the PHP 393 million annually by the Internal Revenue Allotments (IRA), PHP 270 million from the city’s own income from projects through the annual budget worth PHP 639 million and the Php 24.4 million by the Special Education Fund (SEF).

For the first year of Mayor Felipe Antonio Remollo’s administration, not even one dis-allowance was seen by the Commission on Audit headed by Lourdes Algupera. Lourdes Algupera volunteered to sit with the city administration to announce this great news.

Projects on mind

Aside from being a debt-free city, Mayor Felipe Antonio Remollo still taps private parties to invest and have partnership to increase progress. It is said that private multi million investors from Manila are interested to support various projects for the city. These projects include: new government center, Satellite market projects for different barangays, regional museum, and the underground parking at the Quezon Park.

Upcoming projects are being planned as well for the betterment of the city. The progress may be a little slow, but the “debt-free Dumaguete” just shouts for a big step of progress.