The rich agricultural town of Claveria in Misamis Oriental will receive P355,666,474 or 40 percent of the P700 million share from tobacco excise taxes in 2015 while the Provincial Government of Misamis Oriental stands to get P210,166,552 or 30 percent share from the said taxes, as recently disclosed by the Department of Budget and Management.
From a news report from The Manila Times, the remaining 30 percent will be divided among the province’s 23 municipalities and three cities valued at P5,388,886 each.
It can be recalled that Philip Morris Fortune Tobacco Corporation has 1,231 hectares of Brightleaf or Virginia Tobacco plantation in Claveria established since 2012.
In 2015, annual production in Misamis Oriental exceeded 1,300 metric tons which also qualifies the province to receive a special fund pursuant to RA 7171 which will be used by tobacco farmers for cooperative projects, livelihood projects, agro-industrial projects, and infrastructure projects such as farm-to-market roads. This special fund will be equivalent to 15 percent of the proceeds of excise taxes on locally manufactured Virginia-type of cigarettes.