CSF Collects 1 Billion Revenue Target [ Tuesday, 17th of February 2015 | 2 years ago ]
Mayor Edwin D. Santiago pointed out that “without increasing taxes, the city was able to realize 92% of its last year’s target pegged at P1.17 billion budget.
According to the mayor, the dependency of the LGU to the national government’s internal revenue allotment is only 44% meaning “San Fernando’s local income source is stronger at 56%.”
Compared to year 2013, the total revenue collection of the city increased by 9% or an additional P91 million. The biggest share was from business tax which increased by 7% to P354 million or 58% of the P606 million local revenue and real property tax which increased 9% to P81 million or 13% of the city’s income
“The city’s continued financial stability has been buoyed by strong investor confidence, as shown by the increase in its business tax collections and significant number of registrants each year.”
Last year, the city Business License and Permits Division registered more than 1,000 new businesses and more than 7,000 business renewals.
He noted that before the implementation of the revised revenue code and general revision of real property values in 2009, the city has only a regular income of P766 million. “The city government has been consistently beaten its target, the increase of almost 50% is enormous from then.”
“We have done this because of our increasing efficiency in business permits processing and in the collection of business and realty taxes.” In 2014, the city was again recognized by the Philippine Chamber of Commerce and Industry as the most business friendly LGU in the country.
“We are thanking the investors, private partners, and stakeholders for the continued support they have given us, we hope to gain the same support for the year 2015 with our P1.29 billion target as we plan to fund more capital intensive projects and improvements.”
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