Baguio nears P2.5-billion revenue collection target for 2024
2024-Nov-09 20:00
COLLECTION. The Baguio City government set a revenue collect goal of P2.58 billion for 2024. City Treasurer Alex Cabarrubias said in a briefing on Friday (Nov. 8, 2024) they have collected more than P2.29 billion so far. (PNA)
BAGUIO CITY – An official of the local government here expressed confidence in achieving the city's P2.58 billion revenue goal this year, citing that they have already hit 89 percent of the target.
City Treasurer Alex Cabarrubias, during the "Ugnayan sa City Hall" briefing of the city's Public Information Office (PIO), said the city government has collected more than P2.29 billion to date.
"Kaya natin makolekta kasi may mga fourth quarter collectibles pa tayo na babayaran ng (We can collect this because we still have the fourth quarter collectibles from) taxpayers," he said.
Specifically, the city government has collected P126.4 million from real property taxes, P496.4 million from business taxes, P318.9 million from fees and charges, P1.027 billion share from the Bureau of Internal Revenue and Bureau of Customs, P152.4 million from the operation of the Philippine Economic Zone Authority (PEZA), more than P37.7 million in interest income, P54 million miscellaneous income, and P27.7 million from the sale of city's assets for the first 10 months of the year.
Cabarrubias said there are also early payers of real property taxes.
"There is a 20-percent discount provided to early taxpayers who pay before Dec. 31 and historically, there are those who avail of this discount," he said.
The city government proposed a 2025 budget of P3 billion, an increase from the P2.7 billion in 2024.
The income estimates for 2025 will be from the 49 percent national tax allocation, 23 percent from tax revenue, 16 percent from non-tax revenue, and the remainder from the city's share in the operation of PEZA and the Philippine Charity Sweepstakes Office. (PNA)