The Automatic Income Classification of Local Government Units Act is now a law!
R.A 11964 The Automatic Income Classification of Local Government Units Act
Under RA 11964, the Secretary of Finance will have the authority to adjust the income brackets according to the actual growth rate of the annual regular income from the last income reclassification.
The Secretary of Finance is also designated to carry out LGU income reclassification once every 3 years so that such conforms with the current economic conditions.
The new law will provide a more responsive approach to promote local autonomy and empower LGUs to unlock their full economic potential!
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