Taguig official says more firms eyeing relocation to city

A Taguig City official has revealed that several companies have expressed interest in relocating and setting up their business in the city.

This developed after the city government announced that it was set to lower tax rates imposed on banks and other business establishments.

Councilor Allan Paul Cruz said they have been flooded with inquiries, mostly coming from business operators who plan to relocate to Taguig.

Cruz is confident that the recent developments will help them realize their goal of developing the city as a business zone.

"We’ve received calls from interested groups that plan to do business in the city. Apart from financial institutions, we will also include hotels, auto dealers, insurance, automobile and software companies to be covered by these lower tax rates," he said.

Cruz added they are also looking into the lowering of tax imposed on telecommunications and outsourcing centers at the FTI, and for light industries and manufacturing firms located in Barangays Bagumbayan and Bagong Tanyag.

The city government is in the process of finalizing an ordinance that would cover the adjustment of tax rates on banks and other financial institutions to as low as 0.08 percent based on gross annual receipts from the 0.50 percent tax the city government currently charges.

"We are carefully studying our options. We have to balance the impact of lowering such taxes on the business stream alongside the additional income it would generate for the city government," Cruz said. – Rhodina Villanueva