Mayor Michael Rama on Monday underscored the city government’s effort to raise more revenue to fund big-ticket projects here through the revision of the real property tax (RPT) rates.

Rama said he and his administration reviewed the proposed ordinance seeking an RPT rake hike while they were in Taiwan for the 2024 Smart City Summit and Expo last week.

The proposed plan is expected to bring between PHP10 billion and PHP15 billion in additional revenue to the city coffers which could eventually be used to fund flooding, garbage, housing, and other socio-economic projects.

His administration is ready to defend the proposal, the mayor said, adding that the city treasurer and city assessor are on top of the effort to secure the Cebu City Council’s approval of an ordinance to raise the rate.

In the proposed ordinance, prime areas like the Cebu IT Park and South Road Properties would bear the brunt of the RPT increase for up to 5,000 percent while other areas would get less than a 100 percent hike.

Councilor Noel Wenceslao, author of the measure on the proposed RPT rate increase, said it has been almost 20 years since the city last revised the rates. (PNA)