'Manila not bankrupt when Lim left'


Posted at Aug 11 2013 03:36 PM | Updated as of Aug 11 2013 11:36 PM

MANILA – Manila City did not go bankrupt when former Mayor Alfredo Lim ended his term in June 2013, his chief of staff said.

Citing a consolidated daily cash position report prepared by the city treasurer’s office, Ric de Guzman said the total funds left as of July 1, 2013 is P1,557,249,704.19.

The more than P1.5 billion funds left by Lim are broken down as follows:

  • Cash-in treasury P11,162,298.04
  • Cash-other banks (current account) P768,318,222.49
  • Cash-other banks P777,769,183.66

De Guzman said this only proves that the statements issued by incumbent Manila Mayor Joseph Estrada that the city had been left bankrupt and with a P3.5 billion debt are not true.

He said that just like any other city, Manila has an estimated income for the year. This is not realized, however, as the actual collection usually falls short of the estimated income.

In the case of Manila, de Guzman said that while the estimated income was some P9 billion, the actual revenues collected reached about P6 billion.

“Common sense dictates that estimated income is so much different from actual income. So you cannot consider as ‘debt’ the difference between the P9 billion estimated income and the P6 billion income that was actually collected,” he said.

“Lahat naman ng estimated budget taun-taon ay di talaga nakukulekta. Kaya nga estimate lang `yun. Di pupuwede na ganun ang pagkuwenta,” de Guzman added.

Also contrary to what Estrada claimed that Manila owed Meralco P600 million, de Guzman said the city was able to pay P400 million so that only P200 million had been left unpaid.

Furthermore, de Guzman said the Lim-led government maintained six hospitals, which provided free medical attention including doctors and medicines.

Of the six hospitals, two were built when Lim assumed his second term in 2007, de Guzman said.

These are the Sta. Ana Hospital and the Jose Abad Santos General Hospital.