March 05, 2006
THE ILOCOS TIMES - NEWS

LC unreleased IRA share monetization proposed

After Malacañang announced that the unreleased internal revenue share (IRA) of the Laoag City government would be paid in seven annual installments starting next year, Mayor Michael V. Fariñas and several councilors agreed to the other payment option offered by the national government.

The said payment option offered by Malacañang however would deduct by more than P9 million the total IRA payment of P24,305,986 earmarked for the city government—or the city would receive only P14.8 million as a one-time payment for the local government unit’s unreleased IRA share for 2000 and 2001.

According to Fariñas, other cities and municipalities as well as several provinces have confirmed their intention to get their respective unreleased IRA share through the monetization scheme.

The mayor said if the city government would avail of the monetization option, the local government unit would immediately have the chance to use the money for some important projects rather than waiting for seven years for the IRA share to be paid in full, and the money to be paid in installment basis would also have depreciated by then.

Among the projects the mayor had lined up include the city government’s share in the construction of a new police station, the construction of additional jail cells at the city jail, and the construction of city sports center.

However, other councilors opposed the monetization scheme saying the deduction is too high.

During the outreach session of the Sangguniang Panlungsod in Barangay Calayab on March 1, Councilor Vicentito M. Lazo said the amount to be received from the monetization scheme was too little compared to the total amount.

“Pinagkitak ket dakkel unay maikkat abus man pay a saan da nga ininteresan iti kuarta tayo a P24 million iti six years, imbes kuma pay a naganak (As I see it, the deduction is too high and this is beside the fact that they did not put interest into our share of P24 million which they kept for six years),” Lazo said.

The councilor stressed that the more than P9 million in deductions is still a big amount and could still be used for other projects.

Dominic B. dela Cruz

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