Tuesday, December 23, 2008 Mayor bares Baguio's economic gains
MAYOR Reinaldo Bautista Jr. on Monday said gains in the city's economic front highlight his administration's accomplishments this year.
In his weekly Ugnayang Panlungsod media briefing, Bautista said the good economic performance of the city has been sustained since last year when the city realized a budget surplus of P260 million.
He said the surplus enabled the city to hurdle the garbage crisis without having to dip into the regular budget.
"I am glad to report that we have sustained our good economic performance," the mayor said, stressing that up to now, the city is "zero in obligations" meaning it has no outstanding debts.
The city, he added, has remained "IRA (internal revenue allotment)-independent" and has a "triple A credit rating," which means that it is qualified to obtain loans for its development projects.
Another accomplishment this year, according to the mayor, is the absolute transfer of Burnham Park to the City Government.
"We wish to highlight that this accomplishment is significant and timely as the city is celebrating its centenary. We can say that in time for this historic celebration, Burnham Park, the pride of the city, has been given to us," he said.
Still another achievement is the continued success in the management of the city Asin mini-hydro electric plants.
Mayor Bautista said the plants’ output have consistently been high despite minimal resources utilized for their operations.
He hoped that next year will be as productive despite the impending global crisis expected to hit in the coming year.
The city suffered the first blow of the US recession with a drastic cut of its tax share from the operation of the Philippine Economic Zone Authority (Peza) from P120 million last year to only P50 million this year.
This is due to tax holidays and incentives granted to companies operating in Peza to lure them to stay, added Bautista.
He said although the city's operation will not be affected as it is not solely dependent on these tax shares, the cut will definitely affect the implementation of development projects. (APR)
