Tagum investment code up for review: Rellon-A A +A
Sunday, September 1, 2013
THE Tagum City Investment Promotions Code will be submitted to the City Council for review next month.
"When my predecessor assumed office in 2005, the investment code was repealed. Right now, I hope to bring it back and we are redrafting it to make sure it has not been obsolete. Around 90 percent is done and we will submit it to the Sanggunian (council) next month," said Tagum City Mayor Allan Rellon during the Kapehan sa Abreeza held at the Abreeza Mall on Friday.
Rellon said the code was repealed after some businessmen opposed the code's provision on incentives.
They argued that with these incentives, newly established businesses may reduce their prices, causing a possibility that the existing ones will have lower profits or worse to face closure.
The review of the code was acted upon after Rellon activated the City Investment Promotions Office (CIPO). The CIPO used to operate under the City Tourism Office.
To ensure a win-win situation by both the old and new investors, they will be holding a consultative meeting to see what suggestions they can give to put balance on both sides.
They have also asked for assistance from the Department of Trade and Industry and the Mindanao Development Authority for the improvement of the code.
Once the code has been reviewed and polished, this will entice investors to come to the city.
"Aside from the increase numbers of investors, this will greatly benefit the employment sector, it will increase the influx of people due to new establishments, and it will definitely increase the collection of taxes," Rellon said.
As of press time, a number of big companies have invested in the city.
One of them is the international port of Madaum of the Philippine Economic Zone Authority. The P1-billion project is expected to generate 500 jobs by next year when construction of the port begins. Right now, they are filling gravel in the area.
Another is Robinsons Mall, which is expected to generate 1,000 jobs. Ayala Properties and SM have also showed their interest in investing in the city.
With the increase of investors, Rellon hopes to expand the development in other areas of the city and not only in the central part. (Reuel John F. Lumawag)
Published in the Sun.Star Davao newspaper on September 02, 2013.