SOURCE: cagayandeoro.gov.ph
Uncover how Cagayan de Oro City Hall surpassed its business permit renewal target, marking a significant milestone in its quest for progressive governance and sustainable economic growth.
The Cagayan de Oro City Hall has recently showcased an impressive feat in its administrative capabilities. Notably, it has achieved its target of 20,000 business permit renewals last Feb. 25, four days ahead of the extended deadline on Feb. 29. The dedication and efficiency of the Business Permit Licensing Division (BPLD) came into full display as they made this announcement on Monday.
The week that spanned Feb. 19 to Feb. 25, saw an influx of 1,501 business permit renewals and an additional 179 new business permit registrations. This surge indeed displays the city's thriving business environment.
This achievement has pushed the total count of business permit renewals in the city to 20,086, complemented with 1,311 new business permit registrations. This collective total of 21,397 permits, issued from Jan. 2 to Feb. 25, tips the scales slightly higher than the 19,674 business permits issued during the same period last year.
A comparison with the data from Jan. 2 to Feb. 25 of 2023 further underscores the growth. During this timeframe, City Hall recorded 18,523 business permit renewals and 1,151 business permit registrations.
Business owners who fail to meet the Feb. 29 deadline extension will face penalties. City Hall anticipates a larger turnout of business proprietors who will renew their permits or finalize their registrations on Feb. 29, the extension granted to them since last month.
The BPLD and the departments comprising the business registration/renewal team are conducting a post-assessment of the ongoing business permit renewal and registration process.
During Monday’s flag-raising program, City Administrator Atty. Roy Hilario Raagas emphasized the importance of the city’s local business taxes as a key revenue source for City Hall. According to Raagas, the revenue from local business taxes is twice as large as the P2.5 billion to P3 billion received as a national tax allotment (NTA) from the national government.
5. **The Path to Future Growth**
Raagas further added, "If I’m not mistaken, the city generates P6 billion in local business taxes. This amount, together with the NTA, funds the development programs of City Hall."
The BIR local district office has initiated a two-day forum starting Monday, focusing on the proposed revenue regulations to implement Republic Act 11976 or The Ease of Paying Taxes (EOPT).
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