Monday, February 27, 2006
Benguet awaits P32 million revenue share
By Jane Cadalig
ASIDE from uncollected shares from the national wealth tax, Benguet is also waiting for a P32 million unreleased allocation from the National Government.
Budget Secretary Romulo Neri, in a letter to Governor Borromeo Melchor, said Benguet has an unreleased share from the Internal Revenue Allotment (IRA) amounting to P32,670,712.
Neri said the money was placed under the Unprogrammed Fund of the General Appropriations Act for years 2000 and 2001.
Benguet's unreleased IRA share amounted to P14,021,230 in 2000 and P18,649,482 in 2001.
The amount, Neri said, will be payable in seven installments - the first down payment of P4,667,245 would be made on May 2007 while the last release would be on May 2013.
But the Provincial Government has an option to collect the money earlier than the scheduled dates of releases.
Neri said using the Department of Budget and Management's (DBM) notice of payment, the province could avail of the IRA monetization program and collect the amount in advance, subject however to a discount.
It was not ascertained if how much would be deducted from the P32 million should Benguet opt to collect its share in advance.
(February 27, 2006 issue)
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