Projected revenues that will be collected from the additional taxes and fees imposed on the proposed 174-hectare Smart City development can be utilized to provide more basic social services to the people and fund high impact infrastructure projects.
Mayor Felipe Antonio Remollo, in today’s meeting with representatives of various national government agencies, stressed that if the proposed Smart City project is finally approved and fully realized the local government can earn more revenues from the business and real property taxes from establishments and locators that can be used to increase funding for scholarships, burial assistance, free hospitalization, socialized housing, food subsidy and financial assistance to person in crisis situation.
The additional revenues can also be used to build more bridges, for the opening and concreting of roads, to fund flood control projects, establish evacuation centers, to modernize transportation system, among other projects that will help improve the lives of city residents and guests.
Besides taxes, the City Government will also have a 25% share in the ancillary businesses that the developers will put up like yacht club, terminals, market, parking malls, among other business ventures.
With the increased revenues, the income classification of Dumaguete City is projected to be upgraded from a 3rd class to 1st class city or later become a highly urbanized city.
Mayor Remollo said that he wants to improve the standard of living of the people and reduce poverty but we cannot only be too dependent on the annual Internal Revenue Allotment from the national government, thus there is a need to find alternative and sustainable means for the city government to earn more income in order to give more services and assistance to the people.
Nevertheless, he assured all stakeholders that he has not yet signed any contract or MOU related to the proposed Smart City Project and that it must undergo a long and tedious process before it can obtain approval by concerned agencies like DENR, Philippine Reclamation Authority and by the local government.