Capitol projects P12B income

Rona Joyce T. Fernandez

THE Cebu Provincial Treasurer’s Office (PTO) projects an income similar to that of the Capitol’s unprecedented P12 billion annual budget for 2020.

Provincial Treasurer Roy Salubre on Friday, Jan. 10, 2020, said they expect to collect around P12 billion in revenues from local and external sources this year.

“Our strategies to ensure that we will accomplish our target income would include applying all remedies made available by law just to collect the taxes,” he said in a mix of Cebuano and English.

Of the projected income, P8 billion will be taken from locally sourced funds such as taxes, non-tax revenues, income from district hospitals through reimbursements from the Philippine Health Insurance Corp., collections from the Cebu South Bus Terminal (CSBT) and quarry permits.

The remaining P4 billion will come from the expected Internal Revenue Allotment (IRA).

In its collection efficiency report for January to October 2019, the PTO reported P176.4 million in tax revenues. The amount is at least P27 million higher than the P149.4 million target for 2019.

The bulk of the tax revenues for the first 10 months of 2019 was taken from real properties at P72.7 million.

The PTO also recorded around P52.6 million in non-tax revenues and an IRA of P2.8 billion.

Meanwhile, about P56.7 million was collected from the CSBT while the 12 district hospitals in the province brought in P291 million in revenues from Jan. to Oct. last year.

Although their initial projection is to collect P60 million from quarry operators, Salubre said they are hopeful collections will reach P200 million after the implementation of a new cap for quarry permits.

Salubre added that another source of revenue eyed by the Province is the reappraisal of properties, which is set in the second half of the year. / RTF