QUEZON CITY – Quezon City Mayor Joy Belmonte has approved an ordinance designed to update the incentives provided to medium and large enterprises, as part of the city’s ongoing efforts to boost economic growth and development. The new measure aims to attract more businesses and investors to Quezon City, enhancing local economic progress.
Mayor Belmonte signed Ordinance Number SP-3296, Series of 2024, which amends the earlier Ordinance Number SP-2219, Series of 2013. This amendment offers more tailored fiscal incentive packages to medium and large businesses operating within the city. The ordinance was introduced by Councilors Wency Lagumbay, Doray Delarmente, Banjo Pilar, and Chuckie Antonio.
Mayor Belmonte emphasized that these necessary changes to the incentives will encourage more businesses to channel their resources into Quezon City, whether by expanding or relocating their operations. This effort is part of a broader strategy to strengthen the city’s economic growth.
Under the updated ordinance, new medium and large enterprises with an asset size exceeding fifteen million pesos, excluding land value, can apply for a two-year exemption from business tax, amusement tax, franchise tax, and real property tax on registered land and newly constructed buildings within two years from the date of registration.
If the enterprise is involved in a business listed in the latest Investment Priorities Plan of Quezon City—such as those focusing on circular and sustainable infrastructure, the creative economy, an inclusive economy, or innovation and development—it will receive an additional year of tax exemption.
For businesses that plan to expand or establish a new branch in Quezon City, a two-year exemption from business tax, amusement tax, franchise tax, and real property tax is available for registered lands and new buildings constructed within two years from the registration date of the office or additional branch. Businesses relocating their principal offices to Quezon City may benefit from a ten-year tax exemption from situs tax on all their gross sales generated outside the city.
The ordinance also provides incentives to loyal businesses that have maintained their principal office in Quezon City for a period of fifteen years or more, granting them a ten-percent discount on their situs tax for all gross sales outside of Quezon City for one year.
To take advantage of these incentives, businesses must register with the Local Economic Investment Promotions Office, subject to the approval of the Quezon City Economic Development and Investments Board. The office is also responsible for monitoring compliance with the ordinance and ensuring its effective implementation.