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Monday, October 17, 2005
Investment code up for revision
IN A bid to lure more investors, the local government and business sector in Koronadal City are pushing for the revision of the city's investment code and business registration policies.
South Cotabato Chamber of Commerce and Industry President Carlito Uy said they are collaborating with the City Government for a study on the streamlining of the current business registration system and the provision of additional incentives for investors.
"We need to provide attractive packages such as tax perks and sound business policies to become more competitive with other areas," Uy said.
Koronadal Investment Center Manager Elric Batilaran said they are planning to offer the same incentives being enjoyed by the Fit Mart Mall, the city's biggest shopping mall, to other business ventures.
Fit Mart, which was classified as a pioneering investment, availed of full exemption from payment of business taxes for five years from the start of its commercial operations about two years ago.
It also received full exemption from payment of real property tax, basic, and special educational fund for three years and full exemption from local permit and license fees for one year.
"We can offer the same perks to other investors through amendments to our investment code," Batilaran said.
For the streamlining of business registration systems, the city government recently linked up as a partner city of the United States Agency for International Development-funded Transparent Accountable Governance or TAG Project of the Asia Foundation.
The TAG Project aims to deepen the engagement of business and civil society sectors in improving transparency and accountability in city governance and monitor reforms implemented by city governments.
Batilaran said the proposed improvements are aimed at building up the city's image in the region.
The Philippine Chamber of Commerce of Industry has adjudged the city as this year's most business-friendly city in Mindanao.
Two year ago, the Asian Institute of Management also named the city as the most competitive mid-sized city in the entire country. (Allen V. Estabillo)
(October 17, 2005 issue)
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