IT’S official, Muntinlupa is now debt-free.
As of January 2019, the local government unit (LGU) led by Mayor Jaime Fresnedi has been declared credit-free by its lenders—Development Bank of the Philippines and Land Bank of the Philippines.
This came following the LGU’s full payment of a P2-billion loan contract between Fresnedi’s predecessor and the two lending institutions several years ago.
Muntinlupa had a total of P1,012,034,593 in loans plus P175,188,499.72 in interest. Settlement for the aggregate amount is due until September 2021.
Other unpaid obligations to complete the P2-billion debts include garbage services, gasoline suppliers and terminal fees.
According to Muntinlupa Public Information Officer Tez Navarro, the LGU started to settle all its debts from 2013 until its completion just this month—two years prior to their maturity.
She attributed this to Fresnedi’s initiative to set aside annual funds for the loans and efficient utilization of the city’s resources to settle all balances.
Navarro noted that his effort was done without compromising the delivery of more inclusive and expansive services to the constituents.
While the city government paid debts yearly, it continued to provide educational assistance to local students.
From piloting a scholarship program to college students, the Muntinlupa Scholarship Program offered a more comprehensive bracketing that spans across all levels, including those taking up masters and doctoral degree, medicine and law. Currently, MSP caters to almost 60,000 local scholars.
The LGU, likewise, strengthened its program for budding entrepreneurs by providing zero-interest loan assistance or the JRFP Financing Program-Tulong Negosyo.
This project now serves more than 6,500 small-scale entrepreneurs, with credit assistance from P3,000 up to P150,000.