INVESTORS who are currently doing business or are planning to invest in the southern town of Minglanilla may soon enjoy incentives from the southern Cebu municipality.
This after the town’s legislative body approved an ordinance that will provide incentives to small, medium and large scale enterprises that want to invest in the town.
Ordinance No. 23-2017, or the Investment Incentive Code of Minglanilla, is undergoing review by Provincial Board Member Miguel Antonio Magpale, who chairs the committee on commerce and industry.
The ordinance, which was approved by the Minglanilla Municipal Council on third and final reading last December, aims to hasten the town’s economic breakthrough and development by opening itself through investors who can help in adding value to their domestic resources.
Under the ordinance, any existing establishment can avail of incentives if they meet certain qualifications such as documentary requirements provided for by local and national laws; relocating their facilities to the town; and expanding their existing production capacity or constructing new facilities that will help increase production capacity.
If they qualify, investors could receive incentives such as exemption from local licenses, fees and dues within three years, with the exception of building permit and regulatory fees such as health certificate fee, sanitary permit fee, garbage fee, fire installation fee, taxes on billboards, delivery vans and weights and measures; and zoning fee.
Investors will also be exempted from paying business taxes from gross sales and receipts for a period of not more than four years.
But investors are also warned that the incentives they receive from the town could still be revoked and cancelled, especially if they violate certain provisions stated in the ordinance.
Through the ordinance, the town will also create its own Investment Incentive Board and Investment Promotion Service to help in promoting the ordinance to businesses and set the policies for investors.