Provincial Board approves P2.6 billion budget

CEBU, Philippines - The Cebu Provincial Board has approved the annual budget for next year amounting to P2.6 billion, which is P300 million more compared to the annual budget this year.

Provincial Board member Wenceslao Gakit, chairman of the Committee on Finance and Appropriation opened the discussion of the annual budget and this got the approval from majority of the members on the second and final reading.

Gakit said the annual budget for next year reached P2,621,836 or 13 percent more than this year’s P2,319,201,000.

Of the proposed amount for 2010 budget, P881,729,000 will go to the General Public Services, while P663,157,000 will be allocated for the Capitol’s economic services.

The social services has the biggest share of P1,076,950,00, representing about 40 percent of the proposed budget.

Gakit said the Internal Revenue Allotment contributes 56 percent of the required funding sources, wherein, 47 percent has been allocated for Development Programs, projects, activities, a substantial chunk over the minimum prescribed 20 percent requirement.

Earlier, Governor Gwendolyn Garcia explained to the PB members that province of Cebu does not depend on its IRA.

“This, likewise, affirms this administration’s philosophy in achieving total fiscal independence by continuing or engaging in economic enterprises to widen income base,” she added.

Garcia further said that Cebu’s Personal Services appropriations remains low at 25 percent, far below than the prescribed 45 percent limitation.

The Annual Investment Plan also submitted by Garcia allocated a budget that reached P690 million with the bigger share allocated for water supply development programs.

P122 million is allocated for road, bridge and highway construction while P50 million for the construction, rehabilitation of district hospitals. — Jose P. Sollano/BRP    (FREEMAN NEWS)