Wednesday, May 21, 2014

Bicol to get P37.8M from mining taxes

Several barangays in Albay and Masbate will receive a total of P37.8 million from the collection of excise taxes from mining, Budget and Management Secretary Florencio “Butch” Abad announced.

Budget and Management Secretary Florencio “Butch” Abad
Said barangays include Balawing, Bangon, Capsay, Lanang, Panique, Puro, and Syndicate in Aroroy, Masbate, and Pagcolbon in Rapu-Rapu, Albay.

The Bicol region, among all the regions, will receive the highest amount of money from mining taxes.

The region is also set to receive P4,649,507 from taxes collected from energy resources.

Overall, the Department of Budget and Management (DBM) has released a total of P836.8 million to different regions nationwide as part of the 40 percent share of local government units (LGUs) from national wealth collected from mining taxes and government collections for the use of the country’s energy resources.

Of the P836.8-million-release, LGU shares from the utilization of the country’s energy resources—petroleum, coal, geothermal, hydrothermal, and wind operations—amount to P720.2 million. Another P116.6 million was derived from the collection of mining taxes.

The releases were charged under the Allocations for LGU-Special Shares of LGUs in the Proceeds of National Taxes in the 2014 General Appropriations Act.—BICOLSTANDARD.COM
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