The Philippine city of Naga in southern Cebu has approved a PHP535m (US$12.6m) budget for next year, with PHP100m for public construction.
The amount is 128 per cent bigger than this year’s budget, which is only PHP234m and is the largest annual budget in the city’s history.
Naga City Mayor Valdemar Chiong said the revenues generated from Kepco-SPC Power Corp., and the substantial increase of their internal revenue allotment (IRA) will help the city fund the appropriations in the budget.
From Kepco-SPC Power’s taxes alone, the city is expected to raise P150 million for 2012, from only P96 million this year, which will also help the city realize its budget, Chiong said.
”This is the reason that for 2012, we have lined up big projects such as the PHP100m public market.
The city plans to improve its drainage system, widen the main roads in the barangays and open a new road from Barangay Inayagan to the Naga Economic Zone.
Chiong said the city is now negotiating with Apo Cement Corp to donate a lot for a low cost housing project.
“We allocated PHP5m for low-cost housing at PHP110,000 per house for 50 families.”