MANILA - (UPDATE) Manila Mayor Isko Moreno said Monday he would soon lower taxes in the Philippines' capital city to ease the burden for residents.
"I don't have to raise taxes. We know for a fact that i have been in the local legislation for so many years, and I know how far can we reach, on a maximum level, without raising taxes. In fact, it's the other way around, we're going to lower taxes in the City of Manila," he told DZMM.
"Parang abusive ang dating namin. Ini-squeeze namin 'yung tax payers, and they're not getting anything in return," Moreno added.
Moreno also said he is encouraging businessmen to "go back to Manila" in exchange for incentives.
"I've been asking a lot of people, o, go back to Manila. You invest in this area, we'll give you a certain level of stimulants, or stimulus package," he said.
Moreno said in May that he would reduce real estate taxes in the city by 40 percent over 3 years to make collections more efficient.
Moreno said the real estate tax rate would be decreased by 20 percent on his first year, by 10 percent on the second year, and another 10 percent on the last year of his term.