BAGUIO CITY – The management of SM City Baguio was able to infuse a total of P351.2 million to the city’s economy through the real property and business taxes that it paid to the local government for the past thirteen years of its existence in the city.
SM management paid a total of P258.8 million in real property taxes and P92.4 million in total business taxes to the city during the 13-year period of its operation in the city.
SM City Baguio has been adjudged as one of the top ten business and real property taxpayers in the city over the past several years and was elevated to the hall of Fame in both the business and real property tax categories in 2014.
“The management recognizes the importance of taxes as the lifeblood of the government for the effective and efficient delivery of basic services to the people and the implementation of priority development projects beneficial to the greater majority of the populace. We continue to be committed in making sure that we pay to the government the right taxes in order for it to be plowed back to the people in the form of development projects and improved delivery of basic services, the SM management stated.
Mayor Mauricio G. Domogan cited the contributions of SM City Baguio in helping boost the city’s economic growth over the time since it started operation in November 2003 up to the present considering that it is one of the most frequented business centers in the city.
He said the continuous increase in the number of business establishments doing business inside SM shows the sustained contribution of the increased business activities to the job generation efforts of the local government.
“We recognize the significant contributions of our business sector in sustaining the economic activities in the city that contribute in our efforts to make Baguio a premier tourist destination in the global village amidst the current challenges on the absence of commercial flights and the non-commercial operation of our Loakan airport,” Domogan stressed.
Domogan claimed the implementation of the down sized expansion project of the existing SM wall will contribute in further increasing the economic activities inside the facility because of the expected increase in the number of tenants who will be hiring qualified local residents for their available jobs contributory in providing employment opportunities for the people of the city.
Because of the expected increase in the number of tenants, the local chief executive believes that there will also be a surge in the amount of business taxes that will be paid by the business operators to the local government.