How are resources provided to LGUs?

Availment of such resources is effectuated through the vesting in every local government unit of :

(1) the right to create and broaden its own source of revenue;

(2) the right to be allocated a just share in national taxes, such share being in the form of internal revenue allotments (IRAs); and

(3) the right to be given its equitable share in the proceeds of the utilization and development of the national wealth, if any, within its territorial boundaries.