4 percent as the base was converted into a freeport

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Unformatted text preview: base was converted into a Freeport zone with industrial parks and hotels under the then Mayor of Olongapo, employment was regenerated within the base for people of Olongapo. The city experienced a 12% increase in its business establishments from 1995 to 1998. 3.2 Revenue Growth and Sources of Revenue In terms of City's revenue, Table 3.2 shows an uneven rate of growth of revenue. The growth rate shows a sharp decline in 1991 after the eruption of Mt. Pinatobu; a slight increase in 1992 followed by zero growth rate in 1993 after the naval base closed in November 1992. There was a substantial increase in real revenue after 1995 because the city council adopted new property tax rates under the 1991 LGC, and the number of business establishments have also been on the rise since 1995. The latter can be attributed to the establishment and stabilizing of the Freeport zone economy. In current prices, revenue increase from 1991 to 1998 is more than 150 percent, but at constant prices the revenue has only realized an 11 percent increase. Figure 3.3 shows p...
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