Panabo now a billionaire city

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‘Tonyboy’ lauds people, leaders.

REP. Antonio R. Floirendo Jr. congratulated the people of Panabo City for its feat of earning more than P1 billion at the close of  2018.

Floirendo, also known as “Tonyboy” or TBF to friends and fellow corporate officers, was euphoric when he was told by Panabo officials led by Mayor James Gamao that the city finally earned a total income of P1,057,246, 643. 68 as of December, 2018.

The congressman, who was responsible for sponsoring the law creating Panabo into a city, said the “billionaire status” was providential because it came at a time when Panabo just turned 18 years old as a city.

“The financial standing can be likened to a wonderful gift to a girl celebrating her debut,” the lawmaker of Davao del Norte’s Second District remarked.

Floirendo said the robust finances of Panabo can be credited to the industry and dedication of its officials led by three succeeding mayors –Rey Pascua Gavina, the late Joe Silvosa and Gamao, the incumbents, the business community and the hardworking populace, including the farmers and the other members of the agri-business people.

The billion peso plus income of Panabo as of end of 2018 included internal revenue allotment of P667, 045, 020; local taxes of P29, 263, 765.63; and P44,160, 754.26 from fees and charges.

According to Mayor Gamao, the city’s total annual income was only P711,857,165.43 in 2014. It climbed steadily to P806, 103, 705.84 in 2015, to P864,928, 551. 28 in 2016, and to P957, 488, 879.71.

Gamao said the city’s income for the current year is expected to reach P1,101, 699, 470.59 as estimated by officials of the Panabo City Treasurer’s Office.