Major Income Sources

ECONOMY

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The city’s economy is gradually improving as observed in the establishments of various commercial businesses, banks and other financial institutions as well as the increased agricultural productions.

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However, it’s economy is still predominantly agricultural with almost sixty percent of its population relying on farming and fishing for livelihood. The city is expected to remain dependent on agriculture with high value commercial crops, rice & corn, and plantation trees as its major produce.

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City’s Annual Income and Expenditures

The city’s local income had an average increase of 5.8% annually which is still below the targeted annual growth rate of 10% as stated in the Manual of Operations for Revenue Generation and Resource Mobilization Program under CIDA way back in 2000. The Internal Revenue Allotment (IRA), on the other hand, had increased by 7.6% in 2011 but had drastically decreased by 15.5% in 2012 due to the creation of cities.

Table 6. Comparative Income and Expenditure, 2010-2012

INCOME (Php)

EXPENDITURE (Php)

Local Source

I R A

Others

TOTAL

2010

41,215,221.40

492,512,417.00

533,727,638.40

426,700,650.64

2011

51,115,478.21

530,101,076.00

71,475.11

581,288,029.32

377,350,548.00

2012

53,127,122.71

447,670,933.00

134,382.48

500,932,438.19

366,902,949.32

Source: City Accountant’s Office, Gingoog City

The 2011 and 2012 expenditures had considerably decreased by 11.5% and 2.8%, respectively. Generally, the agencies’ MOOEs were on status quo while the provision of capital outlays in every office was prioritized and considered depending on the immediate need of one’s office operation as one of the austerity measures adopted by the city.