Former Baguio City Mayor Mauricio Domogan said the Summer Capital has no outstanding debt.
The Baguio politiko said he refused various offers from financial institutions to bankroll projects because it will leave the city government deep in debt.
Domogan also said he does not want the incoming administration to deal with huge loans.
“We are proud to leave the local government with a clean slate in terms of debt,” he said.
“We had received numerous proposals for the local government to avail of loans from financial institutions in the past but we never accepted such offers because we knew its repercussions to the finances of the city,” Domogan added.