Davao City approves new incentives code

Subscribe Now August 14, 2012 at 08:28am

The city council has passed an ordinance that amends the 1994 Investment Incentives Code with new priority investment areas. The amended code, yet to be signed by Mayor Sara Z. Duterte-Carpio, would lift the moratorium imposed on incentives offered to new investments. The amended ordinance will make the city responsive to the needs of those who will bring their capital to the city, said Davao City Investment and Promotions Center Head Jason C. Magnaye. "We hope that this (new ordinance) will bring new investments to the city," he told BusinessWorld, pointing out that the new code provides perks for those who would operate outside the city’s downtown.

The business sector welcomes the passage of the new code noting this would help the city attract more investors. Dr. Ma. Lourdes G. Monteverde, president of the Davao City Chamber of Commerce and Industry, said the new code will help investors decide where to put their operation in the city.

Some business leaders, however, believe that while incentives need to be provided to new projects, the most important thing is for the city to maintain its status as a haven for investments.

"Investors will implement their projects, incentives or no incentives, for as long as they see profits," said Joji Ilagan-Bian, former chairman of the Mindanao Business Council.

Source: bworldonline.com

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