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Manila Bulletin devider Philippines devider Cebu nets P5-B revenue in 2020

Cebu nets P5-B revenue in 2020

Published Mar 9, 2022 01:24 pm

CEBU CITY — The province of Cebu is poised to cement its status as the richest province in the country.


This, after the province hit its revenue target last year.

Cebu province collected P5 billion in revenue in 2020 and is likely to remain as the country's richest province.(Photo via Calvin D. Cordova / MANILA BULLETIN)


Records from the Provincial Treasurer’s Office showed that the Capitol collected around P5 billion in revenue in 2020.


The province’s revenue collection in 2021 was up by 6.89 percent or P328 million more compared to the P4.7 billion it collected in 2020.


Cebu’s Internal Revenue Allotment (IRA) remains the largest source of income as it received P4 billion in IRA in 2021.


IRA is a local government’s share from the national government.


Earnings from issuing business permits which included registration, clearance and certification, inspection, and fines and penalties were other major contributors in Cebu’s rising revenue.


Cebu’s 2021 tax revenues also increased by 82.51 percent. In 2020, the province’s tax collection only amounted to P198 million.


Driven by real estate taxes, Cebu’s tax-based income in 2021 reached P361 million.


While it continues to enjoy increasing collection from most of its sources, the province’s revenue from provincial and district hospitals has been decreasing.


For 2021, its revenue from hospitals decreased by 55.17 percent as it just collected P132 million compared to the P295 million it earned in 2020.


With an asset of more than P2 billion, Cebu was named the richest province in the country in 2020 based on the Commission on Audit report.


It was the seventh straight year that Cebu was named the country’s wealthiest province.

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