Ilocos N. reviewing investment code for tax holiday, MSME integration

LAOAG CITY, Ilocos Norte — Members of Ilocos Norte’s Sangguniang Panlalawigan (SP) are considering a tax holiday on real property tax for companies or businesses looking to invest in the province.

Senior Board Member Matthew Marcos Manotoc said that the SP has been reviewing the provincial investment code, particularly the possibility of a tax holiday “just to incentivize yung mga big business to come in and set up shop sa atin – so long as we know that hindi nila maaapekto ang local industries, or yung smaller businesses.

“Ayaw nating i-take yung market nila,” he said of agriculture, small manufacturers, and handicrafts. “With these big businesses, we want them to come in, pero we want yung tamang negosyo – hindi kahit sino lang.”

They would lean towards companies bringing to Ilocos Norte a high number of quality local jobs.

In addition, the Board intends to integrate micro, small, and medium enterprise (MSMEs) into the investment code.

Manotoc mentioned a law on a percentage of bank loans going to MSMEs, “So gusto ko lang mag-inquire kung ini-implement ba ‘yan? Pina-practice ba ng mga bangko natin? I’d like to check whether our lending institutions here in Ilocos are observing that.”

As chair of the SP Committee on Trade, Commerce, and Industry, he acknowledges that startup capital is among the biggest hurdles of small business owners.

He is hopeful that with more facilitation for MSMEs’ financing, plenty doors of opportunity will be opened.