Davao gets P1-B steel investment, preps for biz registrations

Subscribe Now January 07, 2014 at 08:25am

A P1-billion steel plant to start construction this year in Bunawan district is so far the biggest investment registered with this city's business bureau for 2014.

“The steel company has a capitalization of almost P1 billion and, so far, has paid the highest total fee [to the city government],” Lawrence D. Bantiding, officer-in-charge of the Davao City business bureau, said.

The application of the steel company was lodged with the city council, which has yet to formally approve its application. Specific details of the steel plant project are still unavailable to media, however.

Ten years ago, a local group mainly in agribusiness announced it would put up a steel manufacturing facility north of the city, but the plan did not push through after a Japanese partner pulled out of the project.

The city government, through the business bureau, is currently accepting applications for new enterprises as well as for annual permit renewal of existing businesses. The city expects at least 1,000 new businesses this year and over 30,000 renewals by mostly home-based and small businesses.

“We are processing 1,500 to 2,000 business permits every day, so we are encouraging those who have not filed to do so before the deadline, unless they want to pay the 25% penalty based on the tax due,” Mr. Bantiding said.

The deadline is Jan. 21, and with the number of applications expected, the business office has extended its office hours. Since yesterday, its weekday business hours are now 8:00 a.m. to 9:00 p.m.

The bureau and the city’s one-stop-shop are also open on weekends to accommodate the taxpayers and those filing their applications. On the day of the deadline, the bureau will extend its office hours up to midnight, and the one-stop-shop, up to 10:00 p.m.

City Treasurer Rodrigo S. Riola said the city’s stable peace and order has led to more new malls and new hotels.

Source: bworldonline.com

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