CEBU, Philippines - The Capitol has lowered its revenue target to P2.1 billion compared to the P3.2 billion that was appropriated for this year.
Acting Provincial Treasurer Emmanuel Guial said actual collection as of Oct. 31, 2013 amounts to just P1.8 billion. The amount includes P1.52 billion as Cebu’s share of the Internal Revenue Allotment (IRA) while the rest are local taxes and economic enterprise.
Guial expressed confidence that they can collect around P300 million more for November and December to hit lowered target revenue.
The Province of Cebu is receiving P149.6 million of IRA from the national government every month on top of local taxes.
Guial said that the proposed annual budget for next year amounting to P2.6 billion submitted by Gov. Hilario Davide III is “safe and realistic†based on the current target.
The proposed budget for 2014 is now pending before the committee on budget and appropriations of the Provincial Board, which is expected to pass it before the end of this year.
Davide said that the P3.2 billion proposed by his predecessor, then governor and now third district Rep. Gwendolyn Garcia, was bloated.
Guial said that what Garcia had submitted last year includes the projected income from the proceeds of the sale of province-owned lots previously known as 93-1.
The Provincial Government had expected to earn P1.5 billion from the disposal of 93-1 lots in Cebu City.
During the time of Garcia, 19 homeowners associations from different barangays in Cebu City had signed a memorandum of agreement for the sale of province-owned lots they occupied a lot with a total area of 155,979.41 square meters.
The deal fell through when Garcia was suspended for six months on December 2012.
Guial said that the contracts entered into by Garcia and the homeowners associations already expired. (FREEMAN)