MANILA, Philippines -- The administration of Manila Mayor Alfredo Lim has dragged city hall in a deep financial hole, according to a Commission on Audit report, which claims that the local government unit has not enough cash to pay off its debts due to a bloated workforce.
In its latest report uploaded on its website recently, the COA said the Manila city government has unpaid debts of P3.553 billion or more than three times its cash holdings of P1.006 billion.
State auditors said that Manila’s payroll exceeded the mandatory spending limit of 45 per cent of the total annual income from regular sources realized in the next preceding fiscal year.
