A big leap.
This is how Cadiz City Mayor Salvador Escalante Jr. termed the newest feat of their city after being reclassified by the Department of Finance (DOF) as one among the first-class component cities across the country right now.
This is more a prestige, rather a tribute to all Cadizeños, who worked hard in making Cadiz truly a business-friendly community, the mayor emphasized.
To be a first-class component city, a local government unit must have a consolidated annual income of at least P1.3 billion, as per the DOF guidelines.
The income combination must come from both national tax allocation (NTA) and local revenue sources.
Cadiz surpassed this basic criterion, a press release from the city said.
This year, it has more than P1.4 billion in annual income that already included the more than P116 million in local taxes.
Its City Treasurer’s Office also exceeded its local revenue target by more than 48 percent, a manifestation that businesses have been mushrooming around the city.
“Simple to conclude: We have a healthy and vibrant economy right now,” Escalante declared.
He attributed Cadiz’s “big leap” to the city government’s technology-driven and people-centered policies in advocating business-friendly initiatives free from red tape.
Cadiz’s 11-minute policy on the issuance and renewal of business permit is also being hailed by investors.
Escalante said there is no substitute to being friendly with all the investors that are coming and signifying interest to invest in Cadiz, dubbed as “The Land of Splendid Opportunities”.
“Really, good relationship matters,” he added.
Cadiz, home to a 132.5-megawatt (MW) Helios Solar Philippines, the biggest solar farm in Southeast Asia, so far, is forecast to have a dramatic increase of nearly P400 million in its NTA by next year.
With this, the mayor said they will still remain prudent in their spending.
“We will always see to it that we will be spending for the right thing, and the right cause for beneficiaries as we continue advocating for effective and efficient public service for Cadizeños’ sake,” Escalante stressed. ||
