Rey Anthony H. Chiu
TAGBILARAN CITY, Bohol, March 8, 2013 (PIA) – Bohol’s locally generated revenues increased by 27% in 2012, a fact the local fiscal manager credits to streamlined collection, prudent use of resources and implementing innovations in tax revenue generation.
The net increase also helps Capitol fund more social service programs to move Boholano lives a few notches higher, said Governor Edgar Chatto.
At a gathering of employees and local government officials at the Capitol Acacia Garden for the weekly Flag Ceremony and Convocation Program, Provincial Treasurer Eustaquio A. Socorin said Bohol’s collection of 112,520,834 locally generated revenues in 2011, was topped by the 143,713,995 collection in 2012.
The difference forms the 27% increase in revenues generated through the measures which Bohol implemented to increase its fiscal standing.
With robust cash assets apportioned for annual programmed disbursements, Capitol fund custodians, smartly put funds which are not due for immediate disbursements, into short term yet high earning time deposits.
This was done with the expressed legal authority granted by the Provincial junta and upon recommendations by the advisory Local Finance Committee, Provincial Treasurer Eustaquio Socorin assured.
Efficient expenditure programming and prudent use of bank’s high interest rates offer for short term time deposits has greatly contributed to Bohol’s posting of a liquid financial position, he said on Monday, March 4.
He also explained that short term time deposits earn much higher interest compared to ordinary savings and current deposits.
Because of this, keeping the money in vaults while the disbursing office awaits the authority to disburse it might be good, getting it in banks appeared to be a wiser option, shares Socorin during a week-starter ceremony attended by Capitol and some national government employees.
Bohol, according to him, has placed around P720 million of these cash assets in Bohol banks, and these has earned for Bohol around P7,442,388, the earnings now declared part of the locally generated income for 2012.
The interest earning however were a bit lower this year compared to the previous year, he added pointing to the fact that the more stable economy posted in 2012 placed the bank interest rates lower.
Along with innovations in revenue generation and treasury management to help Bohol build a more solid fiscal standing, Bohol has aggressively pushed for the implementation of the Electronic-Tax Revenue Assessment and Collection System, which is now implemented in 27 of Bohol’s 47 towns and one city, he said.
For one, Bohol has caused the publication and notice of sale and public auction for delinquent real property which triggered increased collection of real property taxes.
In keeping up with efficiency and time management especially for frontline services, Bohol has also implemented automated-teller machine withdraw-able salaries for contractual, plantilla positions, job order casual employees and Special Education Fund paid teachers, to cut on service time lost as these workers use to collect their pays, he said. (30/ED)