The City government collected about P5.34 billion in revenues of the first quarter, about half of its annual target for the year, the City Treasurers Office (CTO) reported.
“We already collected 53 % of that estimated actual collection that we have to generate for 2019… from local sources and internal revenue allotment,” CTO head Erwin Alparaque said last week.
Taking note of the amount collected during the period, Alparaque was confident that the city government will be able to surpass its annual target.
Last year, Alparaque said the city government wanted to collect higher revenues this year “to address all the basic needs of the constituents of the city, the necessary public services in terms of health, social services and infrastructure.”
In 2018, the city government also surpassed the P7.8 billion target after CTO recorded P8.55 billion revenue collection.
In the 2017 Annual Financial Report for Local Government Unit (LGU) by the Commission on Audit (CAO) last year, the city government ranked sixth among the top 10 highest earners in the country.
Meanwhile, the city government is currently working to achieve a debt-free city in the next two years wherein Alparaque said the city has been active in paying the previous loans.
“Hopefully we will end paying these loans by the next two years and there no additional loans that we have secured from any financial institutions or banks,” he said.