‘Multi-billion investments pouring into QC’

Quezon City Mayor Feliciano Belmonte Jr. reported yesterday that local business tycoons have begun pouring in billions for the development of mass transport-based residential projects, a cyber park, 17 residential towers and condominium complex in commercial districts in the city.

In his fourth State of the City Address (SOCA), the mayor said that among the local investors attracted by the business-friendly atmosphere in the city are Ayala Corp., Megaworld and SM Group of Companies, which are expected to invest in the development of P15 billion worth of projects in the city.

"Already, business has perceived the earnestness by which our city government is pursuing its goal of urban transformation. This has inspired major players to begin their own initiatives," Belmonte said in his SOCA delivered during the 35th regular session of the City Council at Albert Hall.

The mayor said the city government has created the Central Business District Development Committee to craft a framework for commercial development in key areas of the city.

"Our continued effort to make it easier to do business here has gained us recognition from the Philippine Chamber of Commerce and Industry as the most business friendly city for two consecutive years now. No doubt, business friendly legislation will further promote a healthy economic climate," he said.

Quezon City Chamber of Commerce and Industry (QCCCI ) chairman Nathan Zulueta, who was among the guests at the SOCA, said that with the mayor’s report, there is now no way of stopping the city in its drive toward progress and prosperity.

He said Quezon City is truly the showcase of good governance, which is the envy of other local government units.

"Because of its business friendly atmosphere, almost all the taipans are expanding their business interest in the city, from Henry Sy of SM to Gokongwei of Robinsons and Andrew Tan of Megaworld. Even the Aranetas and Ayalas are reviving their businesses in the city," he said.

Apart from the multi-billion investments, the mayor also reported the success of the Center for Student Leadership program — a pioneer incubation program for future leaders in the country. Graduates of the program form the part of the 7,420 scholars of the city government.

In fiscal management, the city remained the richest local government unit in the country with cash position amounting to over P5 billion in cash and bank savings. By next year, the city government will have fully paid off inherited debts from previous administrations that had left the city bankrupt.

"My goal is building up the city’s financial position to create a viable resource base that can fund the economic transformation of Quezon City," Belmonte said.

The city government has also set up the Housing and Urban Renewal Authority, which is now undertaking medium-rise housing projects for the poor in various parts of the city.

In its bid to create a more pleasurable surroundings, the city developed several nature parks and recreation centers, including the La Mesa Dam Ecological Park, which is now a major tourist attraction.

Development of the Quezon Memorial Circle is also under way to preserve the area as a showcase of the city’s heritage.

The mayor attributed the success and gains of the city to the cooperation of various sectors, the City Council, the barangays, the non-government organizations, which have all been doing their share in nation building.

"I am glad to say that the ship of our city is buoyant, stable and set firmly in the direction of growth and progress. We are sailing on sea calmed by the gentle breeze of cooperation and coordination, among virtually all sectors of our society," Belmonte said.