MANILA - The Asian Development Bank said Monday it approved a $26.5 million (P1.3 billion) loan to help local government units adopt digital tools to boost revenues.
The funds were allocated for new tools for local real property tax valuation and collection for transparent and accurate reporting, updating tax maps and property valuation assessments, the lender said in a statement.
“Local governments play a critical role in poverty reduction. Mobilizing local revenue in an efficient, equitable, and transparent manner is vital to local governments’ goal of delivering accessible, quality public services,” said ADB Senior Public Management Specialist for Southeast Asia Robert Boothe.
This new project will provide the digital tools, systems, and local staff training needed to help local governments raise revenue," he added.
The ADB said it has supported the country's efforts to improve efficiency in LGU's financial management and service delivery since 2006.