Upbeat tourism boosts Lapu-Lapu revenues
Carlo S. Lorenciana (The Freeman) - March 3, 2015 - 12:00am

CEBU, Philippines- Lapu-Lapu City Mayor Paz Radaza said the city’s local income has been increasing annually owing to the increase of its tourism businesses.

Radaza said that aside from the boost it gives to the city’s revenue, the growing economic activity has also generated jobs for the local residents and helped the local economy.

“Every year the city’s income keeps on increasing,” Radaza said in an interview last Saturday.

Data from the Department of Budget and Management showed Lapu-Lapu City’s total revenues from local sources increased by 14.94% in 2014 to P878.8 million from P764.6 million in 2013. This was an increase of P114.2 million.

Radaza said bulk of the city’s local revenues comes from real property and business taxes. 

DBM data also indicated that roughly half of Lapu-Lapu’s 2014 income comes from business taxes.

The city's business taxes in 2014 reached P425.06 million while its real property taxes amounted to P223.2 million, the data indicated.

The city official noted the local government’s revenues would continue to rise this year, considering the expanding business activity in the city. She mentioned the recent projects in the city being constructed by some of the country's major developers like Megaworld, Filinvest and SM Group.

“[Our city] is fast becoming home to prestigious local and international brands. We are also home to mega developments,” Radaza said.

She emphasized that her city has been known as a haven of the country’s best resorts and real estate developments, which makes it more alluring to tourists and investors.

She said Lapu-Lapu’s tourism sector would continue to boom.

The official also assured investors that the city government would help in their endeavors in the city. (FREEMAN)

 

 

CITY DEPARTMENT OF BUDGET AND MANAGEMENT FILINVEST LAPU LAPU-LAPU LAPU-LAPU CITY LAPU-LAPU CITY MAYOR PAZ RADAZA LOCAL MEGAWORLD RADAZA
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