The Cebu provincial government surpassed its income target for 2016 after posting a revenue of P3.09 billion.
Records from the Provincial Treasurer’s Office (PRO) said the amount surpassed the Capitol’s P2.8 billion collection in 2015 by P290 million.
Provincial Treasurer Emmanuel Guial attributed the increase to the province’s internal revenue allotment (IRA), which reached to P2.5 billion
He added that the Cebu South Bus Terminal (CSBT) also contributed much to the revenue with an income of P69 million. The provincial and district hospitals also generated P240 million in revenues last year.
This year, Guial said that the Capitol targets to have an income of P3.1 billion, of which P2.9 billion will be coming from IRA.
“We are positive to reach or even surpass the target again this year,” he said.
This year the province and Cebu City Government will formally sign the Memorandum of Agreement (MOA) and other documents for the 93-1 land swap deal.
Guial said, once signed, the province can develop projects in the lots that can become new revenue streams.
He said the Capitol has been planning to develop the 32.4 hectares, which is covered under the deal, into projects that can help generate more income for the province in the years to come.