Mayor Isko: Manila will be capital region's richest city in 3 years

ABS-CBN News

Posted at Sep 14 2019 12:30 AM

MANILA - Manila will be the National Capital Region's richest city by 2022, Mayor Isko Moreno said Friday, saying the local government is expecting a "P90 billion windfall" in the coming years.

The city government is expecting to earn that much from its share from the income of the Bureau of Customs (BoC) offices in Manila, Moreno said in a business forum in Taguig.

"Marami kaming port. Hindi lang 4 na kumpanya pero malalaking establishment. Yayaman ang Maynila," he said.

"Hindi siya dream... I’m just stating facts based on the decision of the Supreme Court," he said.

In 2018, the Supreme Court ruled that the “just share” of local government units (LGUs) must be computed based on all national taxes, and not just from national internal revenue taxes.

The BoC must remit a portion of its collections to LGUs since it charges national duties such as value-added tax, excise taxes, and documentary stamp taxes, former Batangas Rep. Hermilando Mandanas argued in his 23-page petition to the high court.

Moreno said the capital city would likely use the fund for health care, housing, education, tourism and traffic programs.

"Malakas ang loob ko kasi alam ko na may paparating [na pondo]. It’s a Supreme Court decision with finality," he said.

In 2017, Makati - which houses the Ayala Business District - was hailed as the Philippines' richest city with assets amounting to nearly P200 billion, according to a report from the Commission on Audit.

Quezon City was the second wealthiest city valued at P68.33 billion, while Manila ranked third with P38.68 billion.