MANILA, Philippines -- Around 50 big companies were recognized as Quezon City's top taxpayers for 2007 after contributing a huge chunk in revenue to the city's coffers.

In a testimonial dinner Friday night, city Mayor Feliciano Belmonte Jr. thanked the business establishments for their contributions to the city treasury's annual surpluses.

“Without them, the massive infrastructure projects of the city will not be possible,” Belmonte said, adding that business taxes contribute around P2.6 billion to the annual revenue.

Real property taxes meanwhile constitute about P1.9 billion to the city's annual revenue.

The city mayor feted the top taxpayers at the Crown Plaza Galleria on Friday night.

Belmonte named the top taxpayers for the past four years as SM Retail Inc., Manila Electric Company, ABS-CBN Broadcasting Corp., GMA Network Inc., Mercury Drug Corp., Araneta Group, IBM Phils., Pacific Paints (Boysen) Phils., Nestle Phils. Inc., and Jollibee Food Corp.

Meanwhile, 15 other companies were recognized as the premier taxpayers for 2007.

They were Golden Arches Dev't Corp. (McDonalds), Citibank, Maynilad Water Services Inc., Ayala Land Corp., Robinsons Land Corp., Manila Water Company, Regan Industrial Sales Inc., Fonterra Brands Phils., San Miguel Corp.;

Coca-Cola Bottlers Phils Inc., Capitol Steels Corp., Chemrez Inc., Pilipinas Makro Inc., National Bookstore Inc., and Zesto Corp.

In the real property category, the 10 premier companies are SM Prime Holdings, Megaworld Corp., Araneta Group of Companies, Robinsons Land Corp., ABS-CBN Broadcasting Corp., Philippine Long Distance Telephone Co., Manila Electric Co., Nestle Phils. Inc., Citibank, and GMA Network.

Meanwhile, 16 new honorees will be also recognized in the real property category: Ever Gotesco Resources and Holdings Inc., Pilipinas Shell Petroleum Corp., Chevron Phils. (Caltex), Bangko Sentral ng Pilipinas, Philippine National Bank, Phinma Property Holdings Corp., Pilipinas Makro;

Intercontinental Broadcasting Corp., New San Jose Builders, Solid Manila Corp., National Bookstore Corp., Regalia Group Corp., Rustan's Supercenter, S & R Membership Shopping, Uniwide Sales Inc., and Paramount Holding Equities.

City treasurer Victor Endriga added that because of the healthy revenue, Quezon City has been enjoying a budget surplus since 2003, averaging P200 million in annual revenues.

There are more than 60,000 businesses in Quezon City and 400,000 real property owners, Belmonte said.

“With taxpayers support, we intend to keep Quezon City's record as the highest revenue earner,” the mayor added.