Wednesday, June 04, 2008 Benguet to get P23M IRA share By Jane Cadalig
BENGUET'S coffers is awaiting more than P23 million from the unreleased Import Risk Analysis (IRA) share from the National Government.
But this will come only if officials decide to avail of the monetization program offered as one of the options local government units (LGUs) could avail of in acquiring their respective shares from the P12,576,938,000 unprogrammed Internal Revenue Allotment for the years 2001 and 2004.
The amount represents the IRA difference due to the reenactment of the General Appropriations budget for 2001 and 2004.
Benguet has a share of P23,360,938, according to Board Member Marciano Inso, as
certified by the provincial budget officer. The province's IRA shares for 2001 and 2004 were P18,909,586 and P4,450,707, respectively.
President Gloria Macapagal-Arroyo issued last month an executive order allowing the release of the amount and giving local governments the option to avail of their respective shares, either through the monetization program which will release the amount in whole, or through yearly installments from 2009-2015.
Local governments opting to get their shares through the IRA monetization program will get discounted amounts, depending on how the banks shall compute the interests.
Inso said municipalities will be consulted to get their decision on what scheme shall the province acquire its share.
"We can't decide yet on how to avail of the amount until the municipalities chose from the two options," he said.
Benguet Governor Nestor Fongwan prefers to avail of the share through the IRA monetization program.
"Prices will be increasing in the next years, making the monetary value less, so it's best to avail the amount in lump sum," he said. The money will form part of the province's general fund, Fongwan said.
