Barangay Funds.
Section 103
SEC. 103. Barangay Funds.— (1) Unless otherwise provided in this Code, all the income of the barangay from whatever source shall accrue to its general fund and shall be kept as trust fund in the custody of the city or municipal treasurer to be disbursed in accordance with the provisions of this Code. Ten percent of the total general fund of the barangay shall be set aside for the kabataang barangay. (2) After deducting statutory and contractual obligations, forty percent of the remainder of the general fund of the barangay shall be set aside solely for development projects, the plan and corresponding program of work of which have been reviewed and approved by the city or municipal development council. Action thereon by the said council shall be made in not more than thirty working days from submission, otherwise the barangay development plan and corresponding program of work thus submitted shall be considered approved. (3) Each province, city and municipality shall give an annual contribution in an amount not less than one hundred pesos to every barangay within their respective jurisdiction. A local government unit may grant additional contributions to barangays within its jurisdiction through the sangguniang barangay. (4) Ten percent of all taxes collected on real property located within the barangay shall be allocated in accordance with existing provisions of law. The city or municipal treasurer may designate the barangay treasurer as his deputy to collect said taxes. In case bond is required for the purpose, the city or municipal government shall pay the premiums thereon in addition to the premiums of bonds that may be required by Section 96, paragraph (2), of this Code.