Cotabato City hits P1- billion revenue mark

COTABATO CITY  --- The city government has reported some P1.2-billion worth of new investments or a recorded 1,368 new businesses in 2019, Mayor Frances Cynthia Guiani-Sayadi said during her State of the City Address last January 28.

“As a result of the robust growth in our economy, we posted a total annual income of P1.044 billion last year. Finally, we have hit the P1-billion mark,” Sayadi said during her annual report, which was witnessed by leaders from various sectors.

Sayadi said the city's income in 2019 was 9.78 percent higher than in 2018.

“For the past five years, our annual income had been growing at an average of 10.51 percent yearly, and this year, with the entry of so-called ‘big card’ investments, it is projected that our annual income would grow by not less than 12 percent,” Sayadi said.

This year, investors from the Chinese Engineering Construction Company (CECC) are also set to start various projects worth some P27-billion, including an airport, seaport, and sports complex through a public-private partnership scheme.

Sayadi said the CECC projects would require some 30,000 workers, leading to work opportunities for residents and constituents of the neighboring provinces of Maguindanao, Lanao del Sur, Sultan Kudarat, and North Cotabato.

“So you see, Cotabato City is doing just fine. Maybe even better than you think,” Sayadi said, adding that the entry of new malls such as Puregold and CityMall, coupled by more than 1,000 small and medium scale businesses, has "propelled the city to greater heights."

Aside from Puregold and CityMall, the city boasts of three other big malls that include the South Seas Mall, the Mall of AlNor, and the EM Business Complex.

The entry of the new businesses has so far created 4,977 new jobs for the city.

“Expect more establishments to come and open this year, particularly in the real estate and housing sector,” Sayadi said.

Sayadi said among the biggest revenue growth during the past five years were real property taxes that posted a total collection of P14.65-million last year compared to only P7.54-million in 2015.

“Also, our collection from business taxes rose by 26.8 percent to P114.26-million last year from P83.62-million in 2015. True to its brand as a ‘business-friendly city’,” Sayadi said.

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Sayadi said 2019 could have been a challenging year but a victorious one at the same time for Cotabateños. (NOEL PUNZALAN, PNA - COTABATO, MINDANAO EXPOSE')