Atienza’s spokesman Armand Sebastian said records at the Office of the Manila City Accountant would easily disprove Lopez’s claims.
Sebastian explained that the city government has a credit facility of P800 million made available by Development Bank of the Philippines. A P330 million loan was obtained at a rate of 11 percent per annum from the DBP to retire the outstanding balance of the loan taken out by the previous administration from the Philippine National Bank with an average interest rate of 17 percent that was used to purchase the City College of Manila campus at Escolta. This means a savings of about P19.8 million per year for the city government. Payments for the DBP loan remain current.
"Bankrupt? The records of the Office of the City Accountant show that as of April 21, 2004, the city government had cash on hand of over P2 billion, P800 million of which is in the general fund. City obligations continue to be paid once the necessary documentation is completed. "We don’t know where he gets his figures, but he is definitely misinformed," Sebastian pointed out.
He added that the city government under the helm of Atienza continues to have a balanced budget. The annual budget amounting to a little over P5 billion is matched by revenues generated as a result on an annual average of 16 percent increase in revenue collections for the past five years.
Sebastian also belittled the claim of Lopez that the city government had a surplus of P1.2 billion when he left the office in 1992 after losing his reelection bid. "If his claim is true, why is it that he failed to effectively deliver basic services such as garbage collection and regular maintenance of public infrastructure nor improve the physical conditions at city hall."
As to Lopez’ continuing challenge to Atienza to face him in a debate, Sebastian said that it is a total waste of time since Lopez only intends to engage in mudslinging and an intelligent and sober discussion of issues with him would be impossible. "All Mr. Lopez has done since the campaign started was to engage in vicious black propaganda against Mayor Atienza. On the other hand, Mayor Atienza and his ticket continue to conduct a high level campaign based on their concrete track record and platform of governance." – Cecille Suerte Felipe