Manila gov’t looking into Estrada admin’s P4.3B cash deficit
MANILA, Philippines — Manila’s City Accountant and its City Budget Officer are now looking into a report that the previous Manila administration has incurred more than P4 billion cash deficit.
“The Manila City government is verifying the data. Our City Accountant and City Budget Officer have already been tasked to look into the numbers,” Julius Leonen, Chief of the Manila Public Information Office, said in a statement.
A report released by the Commission on Audit (COA) showed that administration of former Manila Mayor Joseph Estrada incurred a total cash deficit of P4.39 billion.
The Commission said the cash overdraft was not sound fiscal administration and did not comply with laws, rules, and regulations.
It added that the lack of cash on hand could push the city government to dip into anticipated income, which could create a bigger deficit in the succeeding years. (Editor: Eden Estopace)
Manila has cash deficit of P4.3B, says COA