QUEZON CITY UNVEILS MAJOR ECO DEVPT PLAN FOR NORTH TRIANGLE
MANILA, AUGUST 24, 2006 (STAR) By Marianne V. Go - The local government of Quezon City is undertaking a major economic development of the North-East Triangle area with the help of the Ayala Group and even taipan Lucio Tan.
In a presentation yesterday at the Philippine Chamber of Commerce and Industry (PCCI) and USAID- sponsored Workshop on Red Tape and Corruption at the Renaissance Hotel in Makati, QC Mayor Feliciano Belmonte Jr. revealed some of his plans for the economic development of Quezon City.
Belmonte divulged that he has asked taipan Lucio Tan to develop Tanís vacant 11-hectare property at the corner of Quezon Avenue and EDSA.
Tan, Belmonte said, had earlier expressed apprehension over the growth of informal settlers around his property.
However, Belmonte cited his success in previously convincing and helping the Aranetas to revitalize the Cubao commercial center.
The Ayala Group, Belmonte said, has already started construction of a planned mall across the existing SM commercial block at the North Triangle.
The QC local government, Belmonte said, has already granted an income tax holiday to the Ayala Group for its commercial development.
The city government, Belmonte said, is willing to extend the same incentive to other interested investors in QC.
Even the University of the Philippines, Belmonte said, is also planning to convert about 100 hectares of its existing 499 hectares into some sort of central business district catering to the information and communications technology (ICT) sector.
The commercial developments, Belmonte said, would hopefully allow the local government to raise its revenues without having to effect another increase in business taxes.
The city government is projecting to raise P7. 25 billion in revenues this year, about P300 million more than what it earned last year, Belmonte said.
Belmonte also gave his assurance that the city government is pledging its support to potentential investors by way of additional infrastructure development.
The local government, Belmonte said, is alloting P2 billion for infrastructure development for 2007.
From 2002 to 2006, the QC Mayor revealed, some P7 billion has been spent for infrastructure development.
Quezon City, Belmonte reported, has been recently cited by the Commission on Audit (COA) as one of the best local government performers in terms of total equity and net income.
Chief News Editor: Sol Jose Vanzi
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