QC overshoots tax collection target

Tax collection of the Quezon City government has overshoot its P8.542 billion tax collection target for this year and could breach the P10-billion mark by the end of the year making the city keep the title as the richest local government unit in the country today, a top city official said yesterday.

 City Treasurer Victor Endriga said total gross collection as of Monday showed a record-high haul of P8,786,818,633.68 exceeding the year-end target of P8.512 billion by P274,390,633.68.

As of yesterday the city has already posted a surplus of P337.4 million and by the end of the year the last quarter for payment of real estate tax, the total collection may reach the P10-billion mark.

“There is a strong possibility that we could surpass the P10-billion mark with still two months to go before the end of the year,” Endriga said.

 Endriga said Mayor Feliciano Belmonte’s business-friendly and pro-people fiscal policies had made the business climate in the city conducive to macro growth so much so that business had thrived despite the global economic slowdown triggered by the US financial fiasco.

Business tax haul had reached a staggering P3,109,795,197.92 up by 14.39 percent from last year’s same period collection of P2,718,586,017.11 or an increase of P391,209,180.81. “All indications point to QC as a safe haven for better return on investment amid the continued uncertainty over the world financial situation,” Endriga said.   

Internally-sourced fund, likewise, jacked up by P663,843,630.32 from P4,423,800,802.65 in 2007 to P5,650,090,074.31 this October, while total city collection had gone up to P8,676,332,441.49 from P7,815,469,565.02 for the same period last year or an increase of P850,862,876.47.   

Cash on hand and in bank is pegged at a sky-high P6,251,748,124.35.   

According to Endriga, Quezon City does not anticipate any slowdown in business activities despite the worldwide economic crunch as could be gleaned from an increase in outsourcing activities and land mixed-use development.   

“Business confidence comes from a local government unit’s strong fiscal position that creates an ambience conducive to growth and new opportunities,” Endriga said.