San Carlos City to invest in new industries in investment code revisions

San Carlos City to invest in new industries in investment code revisions

The City government of San Carlos held a public hearing on Proposed Ordinance No. 16-14, or the San Carlos City Revised Investment Incentive Code of 2016, January 23, at the SP Session Hall.

Business, Trade and Industry Chairman SP Member Carlos Manuel Valmayor said the revision aimed at enabling domestic and foreign industries to invest in San Carlos City since many companies are eyeing to invest and put up certain industries here.

Amendments to the Investment Code of 2016 include investment priority areas (IPAs) align with the current board of investment, creative industries and knowledge-based services, business development, investment services, economic enterprise, and health and wellness tourism centers/villages.

Meanwhile, LEDIP Officer/Negosyo Center Manager Ma. Novah Sollesta also cited that only those Micro, Small, Medium Enterprises (MSMEs) with a minimum capitalization of P2M to P3M should qualify for a tax holiday of one year if they meet the requirements; business projects should be located in identified tourism development areas (TDAs) or Growth Management Areas (GMAs); and regulatory fees for the processing of the city permit to operate a business shall be paid in full.

City Mayor Renato Gustilo, City Vice Mayor Christopher Paul Carmona, and SP Members Benito Gustilo, Armando Laguda Jr., Philip Gerard Maisog, Jeffrey Hidalgo, Mark Cui, Victoriana Cabili, SK President Mary Dawn Cañetan and Gerardo Valmayor lll were present during the public hearing. (PR)

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