123 0 0 3 min to read

Iloilo City has a surplus of about P400 million because of good financial management.

CITY OF ILOILO – Despite the epidemic, good financial management generated a PHP400 million surplus in this city.

According to the City Accountant’s Office report, the city has an excess collection of PHP149.31 million, PHP237.11 million savings from Personnel Services (PS) and Maintenance and Other Operating Expenses (MOOE), and PHP14.27 million adjustment, according to the city’s Public Information Office (PIO).

The savings came from projects and initiatives that were not implemented, unspent PS, and underestimated revenue, said City Treasurer Jinny Hermano, who stated the city treasurer collected more than the predicted collectibles.

He claimed that the local government had overpaid company taxes by PHP136 million and real estate taxes by PHP65 million.

“Good financial management resulted in the gains. In a press statement, Hermano added, “We hope for another surplus this year as the city intends to re-implement its collecting approach while supporting judicious spending.”

Due to the pandemic, he noted, the spending was limited to what the local administration had authorized.

“We didn’t overspend, therefore we have savings from MOOE and PS,” Hermano explained.

Only a few weeks ago, the local government declared that the Local Economic Enterprise Office (LEEO), which oversees the markets and slaughterhouse, had a better year than the previous year.

Its market collection exceeded the PHP78 million aim by PHP3 million, while its slaughterhouse collection exceeded its PHP18 million target by PHP4 million.

Iloilo City Mayor Jerry P. Treas said the surplus will be used for programs that were not financed last year and other initiatives identified by the Local Development Council during a press conference on Monday.

QR Code

Save/Share this story with QR CODE


This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

Feel free to Email Us for comments, suggestions, reviews, or anything else.

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x