THE Department of Finance (DOF) announced it seeks to enhance the fiscal and financial management operations of local government units (LGUs) through the integrated electronic official receipt (IEOR) project of the Bureau of Local Government Finance (BLGF).
‘When they pay taxes, all they ask for is a simple confirmation that it is correct, legitimate, and easily traceable,’ Finance Secretary Ralph G. Recto purportedly said in his keynote address during BLGF’s 38th Anniversary on November 5.
A statement issued by the DOF last on Thursday read that Recto also announced the publication of three new valuation and assessment manuals. These manuals are expected to help LGUs exercise fiscal fairness under the Local Governance Reform Project (LGRP) of the BLGF, read the statement.
For one, the ‘Local Assessment Manual’ will serve as a comprehensive reference to reinforce standardization, transparency and efficiency in the administration of real property taxation. Complementing the LAM is the ‘Mass Appraisal Guidebook,’ which outlines the mass appraisal processes and procedures that may be applied to all property types.
Finally, the ‘Philippine Valuation Standards’ manual provides guidance for valuation professionals, government agencies and stakeholders to ensure property valuations are accurate, transparent, and compliant across different sectors, according to the DOF.
‘Because when property valuation is fair, tax collection becomes credible. And when taxation is credible, the whole system gains legitimacy,’ Recto noted.
The Finance chief believes the strong finance performance of LGUs leads to public services flowing more efficiently, businesses growing, more jobs are created and every Filipino’s income increases.
‘In the end, what we are building here is not just a better way to collect taxes and manage funds. It is a stronger connection between the government and the governed,’ Recto added.
Data from the DOF showed Quezon City led the top-performing cities in terms of highest local source revenues, collecting P28.86 billion, followed by Makati City with P18.90 billion, while Taguig and Pasig recorded P16.15 billion and P14.64 billion, respectively.
Among provinces, Bulacan topped the list with P3.39 billion, closely followed by Cebu with P3.01 billion), Rizal (P2.83 billion) and Pampanga (P2.71 billion).
For municipalities, Cainta, Rizal led with P1.26 billion; trailed by Mariveles (P1.17 billion) and Limay (P992.75 million) in Bataan.