Updated November 19, 2008 12:00 AM [ philstar.com ]
Quezon City Mayor Feliciano Belmonte Jr. (sixth from left) leads city officials in receiving an P82.6-million check from hotel firm Eurotel for the sale of the Ocean theater in Cubao.
The Quezon City government’s tax collection has breached the P9-billion mark, the biggest since the city was declared the richest in the Philippines in the past six years, an official said yesterday.
“There is a strong possibility that we could surpass the P10-billion mark” before the year ends,” city treasurer Victor Endriga said, adding that the city government’s surplus is already more than P500 million.
He said Mayor Feliciano Belmonte Jr.’s business-friendly and pro-people fiscal policies had made the business climate in the city conducive to growth, with businesses thriving despite the global economic slowdown triggered by the United States financial crisis.
According to Endriga, the city does not anticipate any slowdown in business activities despite the worldwide economic crunch, as could be gleaned from an increase in outsourcing activities and land mixed-use development.
“Business confidence comes from a local government unit’s strong fiscal position that creates an ambiance conducive to growth and new opportunities that underscore the value of being protected from the downside,” he said. – Perseus Echeminada
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