Cagayan de Oro: Cagayan de Oro's city government is confidently positioned to manage its PHP 2.7 billion loan intended for various development projects. City Budget Officer Roxanne Mae Ravidas assured that the loan, which is part of the PHP 11.2 billion budget for 2024, is well within the city's debt service ceiling. The loan, currently under negotiation with the Land Bank of the Philippines, will primarily fund the construction of a new city government complex and the development of an eco-tourism site.
According to Philippines News Agency, the city government's total debt, including the proposed loan, will amount to PHP 3.7 billion, significantly below the PHP 7 billion debt ceiling. She highlighted the city's robust financial planning, with the 20 percent development fund of PHP 500 million comfortably covering annual loan repayments. The city's National Tax Allotment (NTA) for 2024 is projected at PHP 2.5 billion, a slight increase from this year's PHP 2.359 billion, owing to the Supreme Court's 2018 ruling on the Mandanas-Garcia case, which revised the formula for local government revenue shares from the national government.