There will be no increases in real property taxes in 2023 in Parañaque to help businesses survive and to attract more investments into the city.
This was bared by Mayor Eric Olivarez over the weekend, saying the policy is part of the city's Economic Recovery Program so businesses may use savings to expand operations and hire more workers.
Olivarez said the real property taxes level would be at status quo so businesses may gain their footing in the post-pandemic new normal.
He said entrepreneurs can now plan ahead for 2023 without worrying about unforeseen expenditures.
The policy is also part of the efforts of the city government to lure more investors that will help in the creation of new jobs to offset the job losses caused by business closures during the pandemic, he said.
The mayor said the high vaccination rate in the city against Covid-19 is one of the major reasons why Parañaque would be able to rebound quickly from the current economic downturn.
Barring any new surge in Covid-19 cases, the city expects full economic recovery in 2023, Olivarez said.