Manila city council offers tax incentives

In a bid to regain its old stature as the country’s original financial hub, the Manila City Council is poised to pass an ordinance giving special tax privileges to building owners who will undertake restoration of their properties to regain investors’ confidence and attention.

Now set for second reading is the ordinance proposed by Councilor Luciano "Lou" Veloso which will authorize Manila Mayor Lito Atienza to grant incentives to building owners in Escolta street, Sta. Cruz, Binondo, Avenida and Quiapo areas.

The move, according to the comedian-turned-politician, is designed "to give flesh and vision" to the local chief executive’s efforts to "restore the old Glory of Manila’s Commercial District."

Manila, before Makati emerged as the financial hub, was the country’s business capital, with Escolta street as the main thoroughfare, cutting through the entire district.

"Development in this district has stagnated which is the primary reason why most of the businesses and establishments decided to relocate to Manila’s adjoining cities and municipalities," the proposed measure stated.

The proposed measure explained that the transfer of investors to these neighboring cities had resulted in a cycle where building owners started to neglect and abandon the structures.

"It is under this kind of atmosphere that the decay and stench of urban life was able to set in and destroyed lifeblood of Manila’s glorious downtown commercial district," it read. – Jose Aravilla