THE “Jeepney Capital of the Philippines” experienced a financial crunch in 2012 as it recorded P226 million of debt, failing to eliminate its cash insufficiency that now stands at P207 million.
In the latest report of the Commission on Audit (COA) on San Pablo City in Laguna province, state auditors bared that the cash intact in the city coffers, which amounts to P18.5 million, was not able to cover its P226.4 million of liabilities.
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