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Olivarez: Parañaque no longer bankrupt

/ 12:18 AM August 23, 2015

THANKS to persistent taxmen, prudent spending and good governance, Parañaque City has bounced back from bankruptcy, according to Mayor Edwin Olivarez.

In his third State of the City Address held at the Parañaque Sports Complex last week,

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Olivarez noted that Parañaque’s coffers were empty when he took over as mayor in 2013.

“We inherited empty coffers and even the (Commission on Audit) said then we had a cash deficit of P2.786 billion,” he said, noting that this was on top of the P2 billion the city owed to Landbank at that time.

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Two years later, Parañaque’s financial problems have been solved because of “persistent tax collection, prudent spending and good governance,”

Olivarez said.

According to him, a recent tax amnesty program saw the local government netting “at least P700 million” in earnings, and a negotiation for loan restructuring resulting in “better terms” for the city.

“It isn’t surprising that our city continues to reap recognition and awards,” Olivarez said as he noted that Parañaque was recently ranked the seventh most competitive city nationwide based on a competitiveness survey of local government units.

He added that as a result, many investors were attracted to the city, resulting in 1,232 new businesses being put up in Parañaque and more jobs for residents.

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TAGS: bankruptcy, Debt, financial problems, Mayor Edwin Olivarez, Metro, Parañaque
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