The Bacolod City government has collected 94 percent of the year’s local revenue target collection as of October, data from the City Treasurer’s Office on Monday, November 20, showed.
Actual collection reached over P1.376 billion out of the estimated P1.465 billion for 2023.
Local revenue sources include real property tax, with P350.169 million collection; business tax, P493.677 million; other taxes, P84.162 million; regulatory fees, P117.342; service charges, P203.505 million; and other receipts, P127.781 million.
Actual collection from real property and business taxes was 63.67 percent and 82.28 percent, respectively. The total collection for the other local revenue sources has already hit between 138 and 192 percent.
In a press briefing, Mayor Alfredo Abelardo Benitez said the city is growing, as seen in the sprouting of business establishments across Bacolod and the start of commercial activities in previously unoccupied areas.
“Part of this growth is that we should be able to capture the revenues to continue the services delivered by the city government. I ask the business establishments to pay proper taxes since the benefit will also return to them,” he added.
The estimated P1.465 billion in local revenue contributes to the city government’s P3.25 billion annual budget for 2023.
The remaining P1.784 million comes from its national tax allotment, of which the city government has already received 83 percent, or equivalent to P1.486 million. (PNA)