Aguilar’s position was a reaffirmation of the city government’s debt-free policy.
"In this difficult times, the more we should shun borrowing precisely because interest rates are high and government incomes from taxes may even go down," Aguilar said.
He explained that because of the city government’s track record and debt-free position, it would be easy for the city government to avail itself of credit or loans from private and government financial institutions.
"But why resort to borrowing when we are able to make do with self-reliance and savings?" he asked.
Aguilar assured that despite the city’s limited resources, Las Piñas is confident of meeting its budgetary requirements for basic services like education, public health, and garbage disposal as well as other infrastructure program.
Moreover, he said that priority infrastructure projects like road construction and maintenance, additional schoolbuildings and the soon to be constructed overpasses with escalators which is the first of its kind in the country will be implemented soon with the help of Vice Mayor Louie Bustamante.
In hindsight, Aguilar said, he made the right decision in speeding up vital capital investment in his first three-year term because construction costs was much lower then. Aguilar noted that he was able to cement or upgrade 99 percent of the city’s road network in the 20 barangays of the city in his first term in 1995.
Aguilar noted that even as a former leading property developer, his policy has always been to stay away from borrowing and instead rely on internally generated capital.