Big companies such as SM Prime Holdings and Megaworld Corp. as well as other trade organizations in Quezon City are backing the city government’s move to adjust the fair market value of lands and properties in the city. “These businesses have very small capital so if the mall, for example, will increase rent, the cost of leasing property will also increase. So far, the city council has conducted 23 public consultations in different barangay (villages) in the six districts of Quezon City. Earlier, Bautista asked the Sanggunian’s Committee on Ways and Means to comply with the Commission on Audit (COA) and Department of Finance (DOF) recommendation to update the city’s outdated land and property values. COA, through State Auditor Rose Dela Cruz, earlier sent letters to the city government urging the revision of the city’s outdated land and property values, the non-updating of which she said had “invariably affected the real property administration system.”It said Quezon City last revised its fair market values on November 29, 1995 through Ordinance No.

Source: Manila Times November 26, 2016 16:54 UTC