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Saturday, July 15, 2006
Biz sector welcomes tax exemption on capital equipment imports
THE business sector in the region welcomed the issuance of Executive Order 258 issued by President Arroyo granting tax exemption on the importation of capital equipment.
Board of Investments head for Regions 9, 11, and 12 Engineer Gil Dureza said innovations like these help the entrepreneurs in developing or expansion of new businesses.
EO 258, he said has replaced EO 313 that already expired.
"In the three regions under us, new investments amounting to over P2 billon that are now in the pipeline are well distributed in terms of volume and within the investments priorities plan (IPP) of 2006," he said.
He said the IPPs this year are almost the same as that of 2006.
The 2006 IPP embodies the development thrusts of the government for sustained and equitable economic growth as espoused in the 10-point agenda of the Macapagal-Arroyo Administration.
This year's theme "Propelling the Nation to 1st World Country Status in 20 Years" reflects the administration's resolve to overcome challenges and continue to provide an environment conducive to its goals.
Among the list of priority areas in the referred activities are those that covers the Medium Term Philippine Development Plan, which identified eleven investment areas.
The mandatory inclusions cover all areas/activities where the inclusion in the IPP and/or the grant of incentives under E.O. 226 is mandated by law.
The IPP also includes new listings of projects under the retention, expansion and diversification (R.E.D.) Program of existing investors as well as Relocation Activities that refers to investment from other countries that would relocate into the Philippines.
The IPP will continue to utilize the industry cluster approach to enhance industrial competitiveness, promote investments in the countryside, develop micro, small and medium enterprises (MSMEs) and support the One Town, One Product (Otop) Program.
The Armm list covers priority areas that have been independently determined by the Regional Board of Investments of the Autonomous Region for Muslim Mindanao in accordance with E.O. 458.
Dureza meanwhile said they had continuously been assisting local government units in developing their investment codes and the investment center.
In 2005, he said, their assistance was focused to Kidapawan City and Midsayap, North Cotabato where they were able to come up with their investment code. The municipality of Magpet, North Cotabato will be the focus of their similar assistance this year, he said. (PIA/pdbanzon)
For Bisaya stories from Davao. Click here. (July 15, 2006 issue)
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