Oro Council endorses Pueblo ecozone as cyberpark

THE Cagayan de Oro City Council has endorsed to the Philippine Economic Zone Authority (Peza) Pueblo de Oro's 20-hectare business park as an information technology (IT) park.

The Pueblo de Oro Development Corporation (PDOC) will still continue to pay real property tax (RPT) on building or spaces that are leased out to commercial establishments which are not registered with Peza. They will also continue to pay all local government taxes.

The incentive it will enjoy for being registered with Peza is limited to the income that will be derived from leasing out spaces to Peza-registered IT companies. The income will be subject to the special five-percent tax on gross income in lieu of all national and local taxes.

Also, the five percent tax on gross income will be remitted to the national government and the City Treasurer's Office.

Councilor George Goking said the endorsement will serve as "renewal" of Pueblo's Peza-accreditation.

"We moved to endorse because the more Peza zones, the more we can attract more investors especially in the business process outsourcing (BPO) industry," he said.

Goking said it is important to promote more economic zones especially in the uptown area where job opportunities should increase.

"We need to expand our BPOs, and sa taas na paingon kay maayo na na atong mga dalan (this is our path), and job offers should also concentrate there for our hinterland residents," he added.

Goking said the Peza-accredited zones in the city include the Limketkai area, the SM Downtown Premiere, and the Pueblo de Oro.

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