Bacolod City, Philippines – The city government of Bacolod has successfully collected 94 percent of its local revenue target for the year as of October, indicating robust economic activity in the area. This accomplishment reflects the city's growing economic health and efficient revenue collection mechanisms.
According to Philippines News Agency, Bacolod City's actual revenue collection amounted to over PHP1.376 billion, just short of the estimated PHP1.465 billion target for 2023. The revenue streams include significant contributions from real property tax and business tax, which collected PHP350.169 million and PHP493.677 million, respectively. Other sources contributing to the city’s revenue include other taxes, regulatory fees, service charges, and other receipts. Notably, the collection efficiency for real property and business taxes stood at 63.67 percent and 82.28 percent, respectively, while other local revenue sources exceeded targets, reaching between 138 percent and 192 percent.
Mayor Alfredo Abelardo Benitez, in a press briefing, highlighted the city's growth, evidenced by the increase in business establishments and the commencement of commercial activities in previously unoccupied areas. He emphasized the importance of proper tax payments by businesses, noting that the benefits of tax revenue ultimately return to the community through city services. The local revenue of PHP1.465 billion forms a significant part of the city government's PHP3.25 billion annual budget for 2023, with the remainder coming from the national tax allotment.