The Cebu Provincial Capitol. CDN Digital File photo
CEBU CITY, Philippines – Cebu province has posted an income amounting to P4.8 billion between January to August this year.
Data from the Provincial Treasurer’s Office showed that they already managed to collect 65.53 percent of their target revenue for 2022.
The Capitol is aiming to earn approximately P7.4 billion in income for this year, which is P2 billion higher than its previous target of P5 billion in 2021.
READ: Cebu province’s income up by 7%
Lawyer Roy Salubre, Provincial Treasurer, said they are confident they will be able to reach their target this year.
“Maka-apas na. Kaya na. Pareha last year, lapas ta gamay,” said Salubre.
Cebu’s share of the Internal Revenue Allotment (IRA) continues to be the biggest source of income, at P3.8 billion as of August 22. The province hopes to collect P5.8 billion in IRA this year.
IRA is the local government’s share of revenues from the national government.
Tax-based revenues remain one of Cebu’s largest sources.
Between January and August, they collected around P259 million in tax revenues, largely driven by real property taxes, which amount to an estimated P130 million.
Aside from tax revenues, the Capitol also earned P149 million as dividends from capital or investment receipts, and P112 million from regulatory fees.
/bmjo
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