South Cotabato’s Provincial Treasurer’s Office has unveiled its fiscal report for the fiscal year 2023, showcasing impressive financial growth and effective fiscal management. The province experienced significant increases in tax and non-tax revenues, surpassing estimated targets and solidifying South Cotabato’s reputation as a model of fiscal responsibility.
Tax revenues across various categories saw a notable increase, resulting in an overcollection of more than P18 million above the projected figures. This shows that the province efficiently collects revenue and highlights South Cotabato’s economic resilience.
Non-tax revenues also played a crucial role in the province’s fiscal success. The General Fund exhibited strong financial management, accumulating a total collection of P2.7 billion pesos, slightly below the estimated revenue of P2.9 billion. This accomplishment highlights the province’s financial stability amid economic uncertainties.
The Special Education Fund also played a big role in the fiscal success, surpassing the expected revenue. Instead of the projected P60 million, the total collection reached over P109 million, resulting in an overcollection of P49 million. This surplus in the Special Education Fund highlights South Cotabato’s commitment to investing in education and ensuring quality learning opportunities for residents.
South Cotabato’s financial achievements show its commitment to responsible money management. This paves the way for ongoing economic growth, allowing for better future public services and infrastructure projects.
Looking forward, South Cotabato remains steadfast in building on these fiscal achievements. The province aims to prioritize excellence in serving its constituents, ensuring that surplus funds are strategically invested in projects contributing to the overall well-being and progress of the community.
The success of South Cotabato’s fiscal year 2023 is an inspiring example, highlighting the positive outcomes achievable through effective financial management and a dedication to economic growth.
The Provincial Treasurer’s Office plans to surpass last year’s collection and collect more taxes for this year.
