Caloocan council wooing investors
MANILA, Philippines–The Caloocan City Council is considering awarding perks to businesses to attract more investors.
Councilor Anna Karina Teh of the first district said that having more investments would help raise revenues for the city government, which would use the funds for more projects to benefit residents.
“The city council is currently studying what business incentives and tax incentives we can apply so that we can attract more businesses in the city,” Teh told the Inquirer.
She added that the move was part of a partnership between the local executive and legislative departments ultimately aimed at raising more money for the city’s coffers. Caloocan’s revenue collection, composed mostly of fees and real property and business taxes, is expected to make up less than two-thirds of the city’s P4.7-billion budget this year.
“We are currently consulting with the business sector on what’s the best incentive to give. We will then study each proposal carefully…,” Teh said.
Caloocan, the second-largest city in Metro Manila, has underperformed in terms of revenue collection compared to Makati, Mandaluyong, Pasig and Quezon City, which rely mostly on local taxes and fees for their budget.
Teh suggested that the lackluster business climate in Caloocan could be due to several reasons.
“Personally, I think many businesses might perceive that there’s a low market for them here in Caloocan. Many people here earn a low income so they think only a few people would buy from them,” she said.
She also noted that businesses might perceive Caloocan as an unsafe destination because of its high crime rate.
“However, we really need to spread progress throughout the city. Most businesses here are in District 2, near Edsa, the North Luzon Expressway and other major roads. But when you look at District 1 near Bulacan, we have so much space there and it’s mostly residential. It has [a lot of potential and is] just waiting for businesses that would take advantage of it,” Teh said.–With a report from Mark Ersan D. Ate
