BAGUIO CITY – The management of SM City Baguio infused P351.2 million to the city’s economy through the real property and business taxes it paid to the local government for the past thirteen years of its existence in the city.
In a press statement, of the total amount paid to the city, SM management paid 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 came up as one of the top ten business and real property taxpayers in the city over the past several years and has been 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 in implementing priority development projects beneficial to the greater majority of the populace. We continue to be committed to making sure that we pay to the government the right taxes in order for these 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 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 the malls shows the sustained contribution of the increased business activities to the job generation efforts of the local government.
“We recognize the significant contribution of our business sector in sustaining the economic activities in the city that contribute to our efforts to make Baguio a premier tourist destination in the global village amidst current challenges brought about by the absence of commercial flights and the non-commercial operation of our Loakan airport,” Domogan stressed.
It was learned that SM Prime Holdings was able to win the bid for the over 8-hectare prime property during the public bidding conducted by the Department of Environment and Natural Resources (DENR) in April 1992.
Domogan claimed the implementation of the downsized expansion project of the existing SM mall will contribute to 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 thereby contributing to 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.