MABALACAT, Pampanga — This first class municipality is expected to become the third component city in Pampanga after Angeles and the capital city of San Fernando.

The town has earned an average annual income of over P140 million, more than the P100 million required by law for a component city, according to a certification from the Department of Finance.

Maria Presentacion Montesa, executive director of the DOF’s Bureau of Local Government Finance, said the town earned P144,541,537.24 in both recurring and non-recurring income last year.

The DOF said the conversion of Mabalacat into a component city will also not reduce the income ofthe province of Pampanga to less than the minimum annual income requirement.

Mayor Marino Morales said the town’s actual revenue is P351,280,123.18 for 2008 and P434,826,535 for 2009. For 2010, the its estimated budget is more than P400 million.

When Morales first assumed as mayor of this town in 1995, the municipality had an income of only P40 million.

Morales added that the development of Mabalacat may be attributed to the rapid growth inside the Clark Freeport and the various infrastructure projects implemented by the Arroyo administration.

“We have our international airport (Diosdado Macapagal International Airport), the Subic-Clark-Tarlac Expressway, and many more,” Morales said.

With the influx of workers from nearby areas and the rapid development of industries in the town, Morales said the need for housing and other social services could be only met through cityhood.

The mayor said that once converted into a city, the local government is planning to house a combination of industrial, agricultural and commercial zones in the area.

Under Republic Act 9009, any municipality that wishes to become a component city should fulfill two basic requirements: Population and annual income.