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Tuesday, October 23, 2018

Investors enticed with incentives

INTERESTED investors who want to put up businesses in Talisay City may soon receive incentives from the City Government.

This, as the City Council passed an ordinance creating the Local Investments and Incentive Code of 2018.

The ordinance was approved last Aug. 7 and was ratified by the Cebu Provincial Board on Monday.

Councilor Richard Aznar, chairperson of the committee on finance and ways and means, hopes the ordinance will entice more investors to put up investments in the city and open more job opportunities for Talisaynons.

“As you all know, most of the businesses in Talisay are residential ones. To balance it, we hope the ordinance will also attract investors on manufacturing and industries,” he said.

This is good news for potential businesses, Aznar said, because the bigger the capital, the more incentives from the City.

Fiscal incentives include exemptions from local business tax, real property tax and permit fees.

The duration of the income tax holiday will be determined by the number of local staff at the start of operations, capitalization and value of local raw material content.

Non-fiscal incentives include assistance in site selection and negotiation of road right-of-way, joint venture partner identification, partner referral, identification of possible sources of labor and raw materials, networking with concerned agencies to enhance human resources, referral or facilitation of existing technical and financial assistance programs available through the City, and participation in local trade fairs, exhibits, business matching and training sessions for micro enterprises.

The Local Investments and Incentives Board composed of the city mayor as chairperson will be created to implement the provisions of the code and supervise the operations of the Local Economic and Investments Promotions Center, which will be tasked to implement investment promotion programs of the City.

It will also be responsible for coming up with investment priority areas.

Business activities that can be included in the list of investment priority areas are those with significant potential contribution to the growth of existing businesses or a vital industry in Talisay City, aligned with the development vision of the City, have the capacity to generate direct and indirect employment within the City, that use locally available materials and resources, that promote the dispersal of business or commercial activities to less developed areas of the City, contribute to the infrastructure in the City through public-private partnerships and improve environmental conditions within Talisay City.

The code also mandates the “reasonable” period of one month for the application, processing and grant of applications. (JOB)


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