The Cebu Provincial Capitol
CEBU CITY, Philippines – The country’s wealthiest province recorded a seven percent increase in its income for 2021.
Records from the Provincial Treasurer’s Office showed that the Capitol collected around P5 billion in revenues in the previous year, ultimately hitting its target.
Its collection was up by 6.89 percent, or P328 million more, compared to the P4.7 billion which they posted in 2020.
Cebu province’s Internal Revenue Allotment (IRA) remains the largest source of income. In 2021, the province received P4 billion in IRA.
IRA is a local government’s share from the national government.
Other major contributors included fees the Capitol collected from issuing business permits which included registration, clearance and certification, inspection, and fines and penalties. In total, they collected approximately P500 million for 2021, a 81 percent increase from the P275 million made in 2020.
The provincial government’s tax revenues also grew by 82.51 percent in 2021. Tax collection only amounted to P198 million in 2020.
Tax-based income in the past year reached P361 million, approximately. It was mostly driven by real estate taxes.
While the provincial government recorded growth in collection from most sources, they continue to see a decline in revenue among provincial and district hospitals.
For 2021, its revenue from hospitals decreased by 55.17 percent. This means that they only managed to collect P132 million for that year, a drop compared to the P295 million made in 2020.
Cebu, with assets over P200 billion, continues to be the richest province in the country. The Capitol’s decision to reappraise real estate properties was pointed to as the primary factor behind the growing wealth.
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