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PIA Press Release

CdeO nets P1.68B income in 2009, up 11.34%

Cagayan de Oro City (22 February) -- The City Government of Cagayan de Oro, through the leadership of City Mayor Constantino "Tinnex" Jaraula, generated an income of P1,677,414,221.09 billion in 2009, posting a significant increase of 11.34 percent or P170,831,875.82 million as compared to the figure over the previous year.

The city's top three (3) sources of income came from the Internal Revenue Allotment (IRA) pegged at P776,462,278 million; followed by business taxes with P287,833,073.08 million; and other fees, taxes and charges with P204,109,814.98 million, City Treasurer Lino D. Daral, in his annual report, bared.

The remaining bulk of the city's collection were generated from real property taxes (basic 70%) with P151,377,171.84 million; real property taxes (additional 1% Special Educational Fund-SEF) with P127,268,105.52 million; and real property taxes (basic 30% barangay share) with P64,875,710 million, Daral added.

Others were came from income in markets with P55,520,579.16 million; amusement taxes, sand and gravel, other quarry products and mining tax with P20,695,537.33 million; and Eastbound/Westbound Terminal and Public Markets (EWTPM) with P9,967,488.51 million.

During the period, Cagayan de Oro City Government also received P6,041,756.15 million as national share from the Philippine Charity Sweepstakes Office (PCSO), aside from P3,011,032.28 million as income in interests on bank deposits.

Aside from revenue collection, the City Finance Department conducted tax mapping activities in 62 urban and rural barangays, issuing 4,302 demand letters to unlicensed business establishments.

It also verified the correctness of assessment on 15,886 business establishments that generated collections amounting to P1,519,250.06 million.

The office also realized a collection of P1,542,193.43 from deficiency taxes as a result of the examination and audit of books of accounts on business operators.

The City Treasurer attributed the significant increase of the city's income to the concerted efforts among City Finance Department personnel who adopted the spirit of ?bayanihan' in the delivery of tax billings and collection of taxes in order to achieve its target collection. (City Information Office) [top]

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