CEBU CITY, July 28 (PNA) — The Cebu provincial government posted a total revenue collection of PHP1.421 billion for the first half of this year, an official said.
Acting Cebu Provincial Treasurer Emmanuel Guial said the revenue collection from January to June this year showed an increase of 18.4 percent from PHP1.2-billion collected during the same period last year.
Guial said the PHP200 million increase in collection is equal to the loan the province is applying for the purchase of heavy equipment.
The district hospitals posted the biggest revenue of PHP86.465 million; real property taxes of PHP48.202 million; Cebu South Bus Terminal (CSBT) at PHP33.146 million; quarry taxes at PHP13.631million and transfer tax at PHP10.183 million.
The province’ Internal Revenue Allotment (IRA) for the first half of this year is PHP1.177 billion, which is still the biggest source of the provincial government’s earnings, which is 82.8 percent of its total revenue.
Guial said the provincial coffers have a PHP291 million surplus in 2014.
A surplus, he said, is the difference between realized income and last year’s expenses.
He said the PHP291 million surplus gives the province enough elbow room to operate efficiently under unexpected situations.
He said he is optimistic the province can achieve the PHP2.859 billion revenue target this year, unless there are intervening factors like calamities. (PNA)