‘Rich’ Bicol towns flunk DOF’s fiscal stability scorecard

Rich Bicol towns flunk DOF’s fiscal stability scorecard

Yes, 94 Bicol municiplaities, including the 16 that are first class, flunked in financial accomplishments according to the Department of Finance tally for local government units of the country.

These municipalities dumped a dismal performance rating in the DOF’s LGU scorecard on preliminary assessment that evaluated overall revenue generation and handling taxpayers’ money performance from Fiscal Years (FY) 2010 to 2012.

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The Bicol municipalities considered wealthy in terms of total revenue receipts but rated within the negative bracket of the scorecard are Camalig, Guinobatan, Oas, Libon, Polangui and Tiwi in Albay; Labo, Camarines Norte; Buhi, Calabanga, Libmanan, Nabua, Pili, Ragay, Sipocot and Tinambac of Camarines Sur; Aroroy and Milagros of Masbate; and Pilar, Sorsogon.

Each rating was based on the result of an evaluation conducted by the DOF Fiscal Intelligence Unit and BLGF according to the type of LGU and income classification and in terms of revenue-generation capacity, growth of local revenue, management of expenditures and reportorial compliance.

The assessment specifically focused on locally-sourced income as a share of the total regular income, dependence on IRA, use of IRA for local development projects, limitation on personal services expenditure and debt service ratio.

The results of the assessment reflect an LGU’s quality of fiscal and financial management and the level of efficiency and innovativeness in resource mobilization and expenditure management, according to the DOF. (PNA report)

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