Tuesday, September 25, 2007 PB reviews Sablan investment code
IN ANTICIPATION of investment opportunities, being one of the expansion sites of Baguio, the municipality of Sablan crafted an investment code through an ordinance to serve as the town’s roadmap in laying down the policies for prospective businesses.
Sablan Mayor Bony Tacio said the investment code will guide the municipality in the entry of investors who would like to venture into any businesses within the town’s development framework.
Referred to the Benguet Provincial Board (PB) committee on trade and industry for further review and study, Municipal Ordinance 07-01 seeks to encourage new investments, expansions and/or diversification in industries that will maintain and enhance the ecological balance congruent to the agri-industrial development framework of the town and its surrounding areas.
Among the provisions of the code are monetary and non-monetary incentives. Monetary incentives include exemption from payment of business taxes within a period of time depending on the category of business, full exemption from percentage tax share of the municipality within a period of time from payment of real property tax where the project is located and full exemption from payment of real property tax of municipal share used for pollution control and environmental protection, and fire protection equipment for five years.
The non-monetary incentives would be the establishment and operation of a one-stop documentation and action center, nearby police visibility, provision of a database requirement, assistance in labor requirement, assistance in processing of papers needed in the project and other incentives the Municipal Council may grant upon recommendation of the proposed investment and promotions board.
Other provisions of the ordinance include the appropriation of sufficient funds for the operation of the board and the setting up of an investment center.
The program incentives do not include financing or banking institutions and other enterprise governed by the Central Banking Act and under the supervision of the Bangko Sentral ng Pilipinas (BSP).
Among major businesses established in Sablan to date are subdivisions. Tacio said Saint Louis University also bought an area in Barangay Banangan for their proposed housing project.
