Economic Enterprise Expected to Boost Baguio City’s Income
Mayor Benjamin Magalong plans to explore the earning potential of economic enterprise to increase the city’s annual income. This is to reduce dependency on taxes and build a stable revenue stream in order to increase the budget for various projects including health and social services. Since 2015, the city mayor said that their income has slugged and they struggled to make ends meets, especially during this pandemic.
The projects they are pushing through include project lightning, digital transformation center, market development, intermodal transport terminal, and pay parking projects. Once these projects become fully operational, they are expected to generate around 500 to 600 million pesos. The huge impact of the pandemic was largely felt on the significant decrease in tax revenues that led to lower income per year.
Tax reforms, particularly in the real estate sector like condo in Baguio City, will remain hard to implement because of the ongoing pandemic and even in the post-COVID era – that’s “from 10 to 20 up to even 40 years,” as Mayor Magalong mentioned. So if you’re currently looking to invest in house and lot in Baguio City, consider all these developments and changes that are being implemented in the city, and make sure to work with a real estate agent in Baguio City.