City vows to boost investments support-A A +A
Tuesday, September 25, 2012
AS THE City Government of Cagayan de Oro hailed effort of the Board of Investments (BOI) promoting the city as a business hub, the present administration, in return, vowed to provide investment incentives to boost investments support.
“We will provide investment incentives fiscal or non-fiscal and infrastructure,” said Estrella Sagaral of the City Economic department as she read Mayor Vicente Emano’s reaction to BOI’s 2012 Investment Roadshow here recently on how the present administration would enhance the business environment in support to the business sector.
Sagaral was representing the mayor at the well-attended regional roadshow conducted by the BOI, Department of Trade and Industry (DTI) and Department of Tourism (DOT).
“We are now reviewing the investment incentives ordinance in Cagayan de Oro to expand the city’s pleasured business investment activity,” she quoted part of Emano’s statement.
Part of the list, she added, is City Hall’s project advocating disaster prevention and mitigation; promoting the development of the agri-business; housing; iron and steel; green projects; hospital and medical services; ecological solid-waste management; clean water project and other industries.
“The city also provides logistics support to the business and industries of neighboring provinces and municipalities, thereby enticing more investors as manifested in this IPP (Investment Priorities Plan of 2012). Indeed, it is imperative to lure more investors to come in to contribute to the country’s economy,” Emano’s added.
BOI Governor Oliver B. Butalid, who presented the nation’s 2012 IPP, admitted local government units have to be rallied to really attract investors especially on manufacturing business to achieve inclusive economic growth.
Inclusive growth, Butalid said, can be achieved if more jobs are created.
Focus on energy
At same occasion, the Cagayan de Oro Chamber of Commerce and Industry (OroChamber) shared that BOI and stakeholders should give emphasis on the energy sector saying it is essential in putting up businesses in the locality.
“First and foremost, it is a ‘yes’ moment for us in the Chamber because as early as February, (information circulated) that the energy sector be deleted (in this year’s IPP). So, we started campaigning for the retention of the energy sector to be included in the 2012 IPP. We need power to meet the growing needs of the manufacturing and processing industries in the city, not to mention the increase in the number of commercial establishments,” said OroChamber executive director Lordelie Enjambre, who read the biggest business group’s reaction to the investments roadshow.
Enjambre said the Department of Energy (DOE) already highlighted that by 2013, “we will need 2,500 to 3,000 megawatt (MW) power generating capacity to power our activity in the island.”
“This is also confirmed by the NGCP (National Grid Corporation of the Philippines),” she added.
Published in the Sun.Star Cagayan de Oro newspaper on September 25, 2012.