(PNA file photo by Liza T. Agoot) BAGUIO CITY - The city government is now studying a possible hike in business tax rates by at least 40 percent to raise funds for its priority development projects. City treasurer Alex Cabarrubias said on Tuesday the need to increase the city's business tax rates is anchored on the mandate of local government units (LGUs) to implement not only the Salary Standardization Law but also to raise funds for the city's operations and its 51 priority development projects under the administration of Mayor Benjamin Magalong. Magalong is pushing for several big-ticket projects like park, market, and road developments, among others, that are planned to be funded via the city's funds, public-private partnership agreements or other schemes. "It will be either a one-time increase or gradual," Cabarrubias said. He said the local government has not revised its business tax rates in the last 22 years and the city's income from the source has st