BAYOMBONG, Nueva Vizcaya (PIA) – The Department of Finance has upgraded Nueva Vizcaya’s income status to first-class effective January 1, 2025.
Nueva Vizcaya’s declaration from second-class to first-class province was contained on DOF Department Order No. 074, Series of 2024, in line with Republic Act No. 11964, known as the “Automatic Income Classification of Local Government Units (LGUs) Act,” which was signed into law by President Ferdinand R. Marcos.
Finance Secretary Ralph Recto signed the DOF Order on November 5, 2024, which outlines the income classifications of provinces, cities, and municipalities based on their average annual regular income over the three fiscal years preceding a general income reclassification.
Nueva Vizcaya is now included among 1st Class Local Government Units, whose income is P1.5 billion and above.
The income classification is determined by a combination of the National Tax Allocation and local revenue sources.
Provincial Treasurer Rhoda Moreno attributed the upgraded income classification of the province to initiatives and interventions.
“A big factor is due to the passage of Sangguniang Panlalawigan ordinances providing taxpayers easy and convenient ways to settle their delinquent taxes through compromise agreement schemes, condonation of penalties, electronic/online tax payment systems, and other innovative approaches introduced by the Provincial Treasury geared toward the enhancement of our locally sourced revenues,” she said.
In 2023, Nueva Vizcaya reported an impressive annual income exceeding ₱2 billion, which included over ₱700 million in local taxes.
The province’s locally-sourced revenue for the fiscal year 2023 reached ₱717,096,656.06, surpassing the target of ₱391,387,274.00 and reflecting a remarkable collection efficiency rate of 183.22%.
Nueva Vizcaya also showed an impressive year-on-year growth rate of 68.20 percent in total locally-sourced revenues from fiscal year 2022 to 2023, highlighting its economic resilience and potential for further development. (BME/PIA NVizcaya)
