BAYOMBONG, Nueva Vizcaya, March 8 (PIA) – A top official of the Provincial Assessor’s Office (PAO) here said tax gains and upcoming collectibles from the province’s utilization of its rich mineral resources are expected to boost the general fund of the provincial government in the coming years.

“We are expecting a huge windfall for our increased collection of Real Property Tax(RPT) for this year. This tax collection will have a major impact on our general fund,” said lawyer Frederico Andaya, provincial assessor.

He said more than P1 billion have been declared as tax collectibles for Real Property Units from the 15 municipalities of the province where the towns of Alfonso Castañeda, Kasibu and Solano rank as top three highest LGUs on tax collectibles.

Collection of mineral taxes are also expected to increase in the years to come with the enforcement of the “The 2012 Nueva Vizcaya Schedule of Fair Market Values for Mineral lands.”

The ordinance directs the application of the schedule of fair market values of all mineral lands in the province which include small and large scale mining whether legal or illegal mining.

This is with the principle “mines are valuable in its natural state”, Andaya explained.

According to Andaya, two municipalities which are known for its mineral lands such as barangay Didipio in Kasibu town and barangay Runruno, Quezon town have already been assessed in December last year.

He added that Oceana Gold, an Australian mining company operating in Didipio, Kasibu has mineral properties assessed and billed including FCF Minerals Corporation, a mining company operating in Runruno, Quezon.

“FCF paid more than 5 million under protest. FCF Minerals Corporation will be assessed of its mineral lands come November 2013 prior to the actual mine extraction,” Andaya added.

For the Didipio mines, he said that the RPT is expected to be reduced by P43 million per annum until it will be fully exhausted on its 16- year mine life.

Although Quezon ranks 13 in terms of tax collection for 2012, the town is expected to boost its real property tax collection in the coming years as mineral extraction in the town will start by 2014.

Other revenue resource generators for the province also include Alfonso Castañeda town which has collected at least 170 million in 2012 and still anticipating more than P170 million to be collected from California Energy Casecnan Water Company(CECWEC).

The provincial government, through the provincial assessor’s office is also targeting an estimated assessed value of more than P239 million or an annual 2% tax due of more than P4,7 million from Royalco Philippines, Coolobah Mining Corporation, Red Earth Mining Corporation and Lessetter Mining Corporation.

“The success of our efforts can be attributed to the endless support given by Governor Luisa LlorenCuaresma and the Sangguniang Panlalawigan of the province headed by Vice Gov. Jose V. Gambito to all the programs and projects of the office,” Andaya said.