Bicol gets P20-M LGU shares from national wealth

NAGA CITY—The Department of Budget and Management (DBM) has released the 40 percent share of local government units from the proceeds from geothermal, petroleum, wind, and coal resources.

The amount of share is 40 percent of the gross collection derived by the national government from the preceding fiscal year from mining taxes, royalties, forestry and fishery charges, and such other taxes, fees, or charges, including related surcharges, interests, or fines, and from its share in any co-production, joint venture or production sharing agreement in the utilization and development of the national wealth within their territorial jurisdiction.

From its resources, the Bicol region collected the amount of P51,782,591. Its 40% share is P20,713,036 which will accrue to the LGUs from where the natural resources were utilized and developed. (BICOLSTANDARD.COM)

The DBM said in a statement that it has released the total amount of P863,722,833.48 as 40 percent share of LGU. The total actual collection amounted to P2,158,194,583.76. (BICOLSTANDARD.COM)


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