No revenue growth for LTO this year
The Land Transportation Office (LTO) is expecting a flat growth in revenues this year from the P10.5 billion booked in 2008.
LTO chief Arturo Lomibao yesterday said the economic crisis and the back-to-back typhoons that hit the country have translated into fewer vehicles registered or renewed and fewer LTO-related transactions from the public.
"We hope to register the same collection last year," Lomibao said during the signing of a Memorandum of Agreement (MOA) with the Bureau of Internal Revenue (BIR).
If there would be any increase, it would be modest.
"We might still surpass it (2008 income). The year is not yet over," he said.
Lomibao said his agency could be ending the year with good numbers had its mother unit, the Department of Transportation and Communications (DOTC),approved its proposed vehicle amnesty program early this year.
The LTO chief said the amnesty program, which was supposed to run for one year, could have generated at least P1 billion in revenues where late registrants would have to pay only 50 percent of the penalties plus the regular registration fees.
Lomibao said 1.3 million vehicles with no valid registration or have not been registered at all are on the road.
He said DOTC has not acted on the proposal.
He said LTO is also eyeing more revenues from vintage car owners and collectors who want to register their vehicles.
The LTO generates bulk of its revenues from vehicle registration and driver’s license application and the corresponding yearly renewals.
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