Big business buys into QC land value audit

QUEZON City Mayor Herbert Bautista welcomed the participation of big businesses in the consultation of the proposed revised schedule of fair market values of land within the city.

He tasked the city council’s committee on ways and means to comply with the recommendation of the Commission on Audit and Department of Finance to update the city’s obsolete land and property values.

Among those who took part in last Thursday’s consultations at the city hall were SM Prime Holdings and Megaworld Corp.

“Quezon City is merely complying with the provisions of Republic Act 7160 and adjusting the schedule of the fair market values based on real-estate market realities, and to support various urban and social developmental projects of the administration,” city administrator Aldrin Cuña told the Manila Standard.

Cuna said the big businesses posed no objection to the proposed adjustment of property values.

Still, SM Prime Holdings and Megaworld Corp. urged the city government to grant tax incentives to small players or businesses with small capitals.

Fe Wong, tax officer of SM Prime Holdings, the parent company of the SM Group, said they are not objecting to the proposed legislation. 

“Yes we support it. We will submit our position paper later,” she said.

“We are definitely very supportive of this measure,” Megaworld corporate advisory and compliance division manager John Joseph Sy added. “We have always been supportive of the endeavors of the city government as long as it is beneficial to us and to the interests of our clientele, tenants, and buyers.”

Megaworld owns and developed  the 17-hectare Eastwood City, the commercial and residential property in Bagumbayan area.

Trade organizations such as the Association of Filipino Franchisers Inc. said they will look into the proposed adjustments.

“Yes, we support it. As much as we want to oppose it, we would appreciate having no increase, but the city government was able to explain that it has been a long time since the last increase,” said Rafael Canare, executive director of AFFI.

Canare appealed to Bautista to provide small businesses with tax incentives since they would expect an increase in leasing fees to be imposed by property owners, such as malls and commercial buildings affected by the adjustment of real property tax.  

SOURCE:  Manila Standard