Connect with us

Hi, what are you looking for?

News

LGUs posted P279.4-B surplus in 2021 — DoF

LOCAL government units (LGUs) posted a surplus of P279.4 billion last year, Finance Secretary Benjamin E. Diokno told the Senate Committee on Finance on Thursday, reflecting their revenue collection efforts as well as their share of National Government revenue.

Mr. Diokno, speaking to the committee, said provinces reported a surplus of P57.65 billion, cities P94.48 billion, and municipalities P92.39 billion. The Special Education Fund posted a surplus of P36.8 billion.

“It’s revenue, from (the) National Government plus their locally collected revenue minus their expenditure,” Mr. Diokno said.

LGUs are entitled to a share of 40% of the National Government’s “internal revenue,” with their share formerly known as the Internal Revenue Allotment (IRA). Following a Supreme Court ruling redefining the scope of the LGU entitlement, the IRA was renamed the National Tax Allotment.

The surplus reinforces fears that LGUs will not be able to spend their expanded allotments due to a lack of capacity to plan for or implement projects devolved to them from the National Government. — Diego Gabriel C. Robles

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.