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Manila Bulletin devider Philippines devider Cebu earns P4.8 B in 8 months, confident of topping P7.4-B goal in 2022

Cebu earns P4.8 B in 8 months, confident of topping P7.4-B goal in 2022

Published Sep 30, 2022 11:41 am

CEBU CITY – The provincial government of Cebu has expressed confidence it can meet its target income of P7.4 billion this year.

The province has already collected P4.8 billion from January to August.

Data from the Provincial Treasurer’s Office showed that the eight-month income is 65.53 percent of the target revenue for 2022.

“Kaya na. Pareha last year, lapas ta gamay (It can be done. Just like last year, we slightly surpassed our target),” said Provincial Treasurer Roy Salubre.

Tax-based revenues remain one of Cebu’s largest sources of income.

The province has collected around P259 million in tax revenues spiked by real property taxes with an estimated amount of P130 million from January to August.

Aside from tax revenues, Cebu also earned P149 million in dividends from capital or investment receipts and P112 million from regulatory fees.

The Capitol’s target income this year is P2 billion higher than its previous target of P5 billion in 2021.

The Internal Revenue Allotment (IRA) continues to be the biggest contributor in the province's income with P3.8 billion as of Aug. 22 this year.

The province is looking to collect P5.8 billion in IRA this year. IRA is the local government’s share of revenues from the national government.

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