Lobregat: Zambo’s economic boom didn’t happen overnight PDF Print E-mail
Wednesday, 20 January 2016 14:13

Zamboanga City’s economic boom did not happen overnight, but is anchored on a strong foundation firmly cemented by past administrations, stressed 3-termer City Mayor and now 1st District Congressman Celso Lobregat when he delivered his State of the City Report on Tuesday, Jan. 12, at Centro Latino, Paseo Del Mar.

Lobregat recalled that in his Valedictory Address on June 30, 2013, he said “Sound Fiscal Management is one of the legacies that we proudly hand over to Mayor Beng Climaco’s administration. Prudent and judicious allocation of the City’s financial resources and spending the funds more wisely and sensibly has made Zamboanga City one of the most stable local government units in the country”.

Lobregat cited a Commission on Audit Annual Financial Report on Local Government showing a gradual build-up of the city’s equity from the year 2004 when it ranked # 6 with an equity of P 3.270-billion.  The city’s ranking subsequently improved to # 5 all the way in the succeeding years up to 2013 registering also the highest in equity growth rate of 194 % from 2004 to 2013 compared with other major cities in the country.

Lobregat explains that Zamboanga City’s equity growth from 2004 to 2013 was steady, strong and rising, a clear indication of sound fiscal management of the city government.

He said comparing the equity of the Cities in the Top 10 ranking of 2013 would reveal that Zamboanga City’s growth rate increase of 194 % was even higher than the growth rates of Makati, Quezon City, Pasig, Manila, Cebu, Caloocan, Marikina and Cagayan de Oro City.

Lobregat was referring to a Commission on Audit 2014 Annual Financial Report – 2014, Table II A-B, Provinces, Cities and Municipalities with large amount of equity (in billions) that ranked Zamboanga City as the 5th Richest City in the Philippines behind only Makati City ranked # 1 with an equity of P 32.567-billion, followed by Quezon City ranked # 2 with P 29.236-billion, then Pasig City ranked # 3 with P 17.659-billion and Manila ranked # 4 with P 10.430-billion.

Zamboanga City’s equity of P 9.625-billion, which propelled it to the Top 5 Richest City in the country, was also the highest among the Cities in Mindanao making Zamboanga City the richest in Mindanao. Behind Zamboanga City in the Top Ten Cities in the Philippines are Cebu City on # 6 with an equity of P 7.515-billion, followed by Caloocan on # 7 with P 6.037-billion, Marikina with P 4.571-billion, Calamba with P 4.262-billion and Cagayan de Oro City with P 3.739-billion in that order.

From P 3.270-billion in 2004, Zamboanga City’s Equity grew to P 4.512-billion in Y2007, P 6.657-billion in Y2009, P 7.569-billion in Y2010, P 8.314-billion in Y2011, P 9.008-billion in Y2012, P 9.625-billion in Y2013, and P 10.464-billion in Y2014,

Lobregat emphasized that despite the Zamboanga City Siege of 2013, and the brown-outs that lasted for 4, 6 up to 8 hours daily over the years, Zamboanga City has survived and is still the 5th richest city in the Philippines and the richest in Mindanao because of the strong foundation firmly cemented by past administrations. (Lea LM)