The proxy indicator for LGU indebtedness is the issuance by the BLGF of 116 certificates of net debt service ceiling and borrowing capacity to LGUs, which included seven amendments, against 294 issued a year earlier.Cities applied to borrow P8.16 billion, followed by municipalities , provinces , and barangays .
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the decline to the Supreme Court’s Mandanas ruling and the tight fiscal space. The Supreme Court ruled that LGUs are entitled to 40% of all national taxes, including those not collected by the Bureau of Internal Revenue, effectively increasing the tax take that subnational entities are entitled to.In the eight months to August, LGUs’ total borrowing capacity was P49.44 billion, down 75.13% from a year earlier.
In August, the BLGF released three certifications to LGUs, including one amendment, covering proposed loans worth P235 million, against P4.02 billion from a year earlier.
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