Archive for March 9, 2009

Despite multi-million debts, Malasiqui moves on

By Mortz C. Ortigoza

MALASIQUI — With a principal debt of P65 million that bore a yearly interest of almost P3 million pesos contracted by his predecessor, Mayor Armand Domanty is unfazed as he implements projects from what would be left of the P127.4 million proposed budget of the town this year.

Out of these budget, the town deducts more than P14 million a year for amortization and interest payments to the debt incurred during the term of former Mayor Alfonso Soriano.

“Our debt is P65 million and we have not yet paid half of it. I was mayor for only two years,” Domantay said.

March 9, 2009 at 3:39 pm Leave a comment

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