Businessmen worry over impact of Makati takeover of BGC

by Zen Hernandez, ABS-CBN News

Posted at Aug 08 2013 06:49 PM | Updated as of Aug 09 2013 05:54 PM

MANILA, Philippines - Several establishments in Bonifacio Global City are worried about the possible impact on business of the planned takeover of Makati.

Their concerns range from minor issues like changes in the billing address and the implementation of a new traffic scheme to an increase in taxes. They say, all of which combined will bring a certain level of inconvenience to any business.

An increase in taxes will also eat a portion of their income, which may trickle down and affect wages.

But Makati Mayor Junjun Binay said the turnover of BGC will have to undergo a complicated process.

First of all, he will have to ask the City Council of Makati to conduct a hearing and temporarily suspend the imposition of taxes on BGC tenants and establishments.

This is to allow them to come up with a tax map and list down all those currently doing business in BGC.

He admitted that Makati laws and ordinances will have to be implemented in the future.

He proposed sitting down with Taguig Mayor Lani Cayetano to discuss a revenue-sharing option, so as not to completely deprive Taguig of revenue from BGC, which he believes comprises the bulk of the total revenue of the city.