The Baguio City Treasurer Office presented an expectedly bleak picture of the city’s economic performance for the past five months with the outbreak of the COVID-19 pandemic when most business activities ground to a halt.
City Treasurer Officer Alex Cabarrubias said the city incurred an actual total loss in income amounting to P126,496,132.44 for the period. The largest of these revenue losses was P14,792,748.76 at the Philippine Export Processing Zone Authority (PEZA).
Other losses came from losses realized from penalties, market rental, night market, amusement tax, parks entrance fees, lot rentals, market entrance fees, other rentals and hotel occupancy that were not collected.
Cabarrubias suggested that with the dire outlook of the local economy, the city must collectively “tighten its belt” and spend only on projects that are of the utmost priority and most needed.