Monday, January 29, 2007 City posts P1.8-B in new investments By Carlo P. Mallo
AMONG the seven new investments in Davao City which have been given incentives by the Davao City Investment Promotion Center, AJMR Port Services Corp. posted the highest capital amounting to P1 billion.
In 2005, there were nine companies that were given incentives, the highest capital of which amounted to only P800 million.
The city posted P1.8 billion worth of new investments in 2006, representing seven companies that sought incentives from the center.
These companies were given a three-year exemption from payment of mayor’s permit fees and business sales taxes.
The companies were also given a two-year exemption from real property taxes excluding the barangay share.
The companies are also exempted from obtaining building permits.
Property development companies that were privileged to enjoy the incentives invested a total of more than P500 million while companies in the agri-business sector contributed a total of P300 million.
Year 2006 posted a 20 percent increase, representing P1.5 billion worth of new investments compared to 2005.
The criterion in the selectiom process for which companies would be given incentives includes a minimum of a million peso capital.
The companies must also be investing in one of the nine key areas -- agri-business sector; tourism and recreational facilities; transshipment facilities; miscellaneous light manufacturing; property development; establishment of foreign bank branches; telecommunications; environmental enhancement and protection facility; and medical, educational, training, and sport facilities.
