| Replicas of roasted pigs serve as prop for a group dance, one of the features of the Inasal Festival held in Talisay City. Yesterday’s launching set the goal of a larger festival in the coming years, big enough to compete for world record on the number of roasted pigs in a celebration.(Sun.star photo/Alex Badayos) |
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Payment for the South Reclamation Project loan, which is about P6.3 billion based on current foreign exchange rate, cornered a sizeable part of the Cebu City Government’s budget in the last three years, according to the local finance management committee (Fimac).
Fimac chairman Nigel Paul Villarete said that from 5.5 percent in 2002, the debt servicing share rose to 18 percent in 2003 and to 23 percent in 2004.
The statement of income and expenditures show that the City paid P85 million in 2002 for debt service, P350 million in 2003 and P384 million last year.
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