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Manila Bulletin devider Philippines devider Mayor Olivarez bares economic recovery plan for Parañaque City

Mayor Olivarez bares economic recovery plan for Parañaque City

Published Dec 24, 2022 11:12 am

Parañaque City Mayor Eric Olivarez said the local government will not impose any increase in real property taxes (RPTs) in 2023 to assist businesses and attract more investments as part of the City’s Economic Recovery Program.

Olivarez said the City Council has passed an ordinance officially declaring that there will be no increase in RPTs so that businesses may use their savings to expand operations and hire new workers.

“We need to help our businesses recover from the effects of the pandemic, and one way of doing this is to keep our real property taxes at the same level as the previous years,” Olivarez said.

The mayor said by announcing the no RPT increase policy early, businessmen and investors would be able to plan ahead without worrying about any unexpected major expenditures for the coming year.

“This is also part of our efforts to attract more investments that will help create new jobs to offset the job losses caused by business closures during the pandemic,” he said.

Olivarez said the high vaccination rate in the city against Covid-19 is one of the major reasons why Parañaque would be able to rebound quickly from the current economic downturn.

“Barring any new surge in Covid-19 cases, we expect full economic recovery in 2023, and then continue our economic development and growth trajectory in the succeeding years,” Olivarez added.

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