BAYOMBONG, Nueva Vizcaya—The Provincial Board has expressed its support to the proposed income classification of provinces, cities and municipalities now pending in Congress.
Vice Governor Lambert Galima Jr., who presides over the board, said board members are pushing for the enactment of House Bill No. 923, “An Act Institutionalizing the Income Classification of Provinces, Cities and Municipalities, and For Other Purposes” introduced by Rep. Francis Gerald Aguinaldo Abaya of Cavite.
He said the bill will facilitate the upgrading of Nueva Vizcaya as a first-class province.
“Based on the draft House Bill obtained by Provincial Treasurer Rhoda Moreno at the Bureau of Local Government Finance, the province of Nueva Vizcaya met the proposed income range and average annual regular income for three fiscal years for a first-class province,” Galima said.
He said the province had an average annual income of P1.04 billion from 2014 to 2016.
The income classification of provinces, cities and municipalities serves as basis to determine financial capability of the local government units to provide the funding requirements of developmental projects and other priority needs of the LGU.
“It is high time that the general income reclassification of all LGUs be fast-tracked as it has been held in abeyance for quite some time already,” Galima added.
Once approved, the bill will provide better and expanded opportunities for social, economic and infrastructure development of LGUs and their constituents, he said.