The town of Noveleta has been named the debt-free local government unit (LGU) of Cavite for year 2019.
According to Maria Lynda Colina, Noveleta’s municipal treasurer, a total of P3,653,804.27 was acquired under the past administration. These loans and interests were cleared and fully paid by the current administration as of September 2017.
Moreover, the Office of Municipal Accountant further confirmed that Noveleta local government has zero outstanding loans to any financial institution as of the first quarter of 2019.
“We want a clean slate for 2019 and we are happy to announce that Noveleta is now a ‘debt-free municipality,” Noveleta Mayor Dino Reyes Chua said.
Based on the transaction slip of the LGU, Noveleta has P4,810,552.91 Special Education Funds in the bank and P24,666,330.67 General Funds and P13,256,566.05 on a trust fund or a total of P42,733,449.63 certified by Land Bank of the Philippines.
News source: Manila Bulletin