DAVAO City Councilor Jimmy Dureza said that the city's agreement with the Isla Lipana for a review of the city’s investment incentive code (IIC) is a welcome development.
"It is a welcome move because it is about time that we have to review seriously the code so that we can provide right incentives for the right areas for investment for our investors. I think it is very timely since Davao City now becomes the center for development," Dureza said.
Dureza chairs the City Council committee on trade, commerce and industry, the same committee which proposed an ordinance approving incentives for developers who may want to develop parking space or building within the city.
Based on reports, the review spearheaded by Isla Lipana, an accounting firm, intends to further strengthen the investment climate as well as the partnership with the City Government and private sectors.
Isla Lipana is known to be the oldest accounting firm in the Philippines and specializes in audit, tax, deals and corporate financing, and financing fraud and IT consulting services, among others.
Chair and senior partner of Isla Lipana, Alexander Cabrera, during the MOA signing on Wednesday, said that they plan to start identifying the areas that need to be developed.
One of the specific areas that Isla Lipana is looking into is the development of the eco-system in agriculture.
They look forward to having an improved agri-tech in the city particularly the establishment of a cold chain facility that will help lengthen the shelf life of agricultural products.
Isla Lipana also proposed, promoted, and protected tourism in Davao City that is multi-cultural, keeping in mind the use of indigenous materials and maximizing the potentials of indigenous people.
DCIPC head Lemuel Ortonio said they hope that the review will fit in their six-month target. The next meeting of the incentive board is scheduled in June or July. (With reports from JPA)