Capitol revenue at P4.3B as of October
CEBU CITY, Philippines – As of October, the Cebu Provincial Government has collected 78.18 percent of its target revenue of P5.5 billion for 2021.
Records from the Provincial Treasurer’s Office showed that the Capitol already posted an income of P4.3 billion.
The figures cover January to October of this fiscal year.
The bulk of the income still comes from the province’s share of the Internal Revenue Allotment (IRA) which amounts to P3.4 billion.
Local sources, such as taxes, are the second-biggest source of revenue for Cebu, the country’s wealthiest province.
In total, the Capitol collected around P450 million from taxes in the past 10 months. This is 102 percent higher compared to the P221 million they collected in the same period last year.
Around 74 percent of the P331 million in taxes the province earned came from real property, at P158 million, and is the largest source of taxes.
Non-taxable sources such as processing of business permits, fines, and penalties, rent income, to name some, contributed a total of P118 million to the provincial government’s coffers.
Of this number, an estimated 51 percent or P60 million, are processing fees.
Other sources of income of the Capitol, such as the Cebu South Bus Terminal (CSBT), the province’s largest bus terminal, also managed to earn more this year than in 2020.
CSBT posted a 155 percent increase in income, from January to October, after collecting approximately P53 million in revenue.
During the same period in 2020, its income only amounted to P21 million.
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