Section 10. Sources of Funds and the Operating Budget of MMDA:
To carry out the purposes of this Act, the Amount of One billion pesos (P1,000,000,000) is hereby authorized to be appropriated for the initial operation of the MMDA. Thereafter, the annual expenditures including capital outlays of the MMDA shall be provided in the General Appropriations Act.
The MMDA shall continue to receive the Internal Revenue Allotment (IRA) currently allocated to the present MMA.
The MMDA is likewise empowered to levy fines, and impose fees and charges for various services rendered.
Five percent (5%) of the total annual gross revenue of the preceding year, net of the internal revenue allotment, or each local government unit mentioned in Section 2 hereof, shall accrue and become payable monthly to the MMDA by each city or municipality. In case of failure to remit the said fixed contribution, the DBM shall cause the disbursement of the same to the MMDA chargeable against the IRA allotment of the city or municipality concerned, the provisions of Section 286 of RA 7160 to the contrary notwithstanding.