19 Oct Confidence of Businessmen Reason for CdeO’s High Local Revenues
Source: Project Lupad
In an article from Cagayan de Oro News Bulletin, Cagayan de Oro City Treasurer Ramon Antonio Mendoza said that two of the leading reasons for the city’s record of high local revenues are the confidence of businessmen and the implementation of new innovations or streamlining in the city.
This is the reaction of Mendoza after CdeO ranked 1st compared to all cities throughout Mindanao based on the latest statistics of the Locally Sourced Revenue Dependency-Mindanao Cities 2016 of the Bureau of Local Government Finance (BLGF).
Mendoza said that the success of local businesses is attributable to the optimism of businessmen to the city’s competitiveness as Northern Mindanao’s business capital and also their trust in the local government’s abilities in initiating projects with the taxes they are paying for the betterment of the people.
According to the report of BLGF, the city is less dependent on the national government’s Internal Revenue Allotment (IRA) wherein 51.39% of its P2.6 Billion annual income in 2016 was drawn from local revenues while the remaining 46% was only contributed by the national government.
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