NEDA: No new perks for rural-based investors

The National Economic and Development Authority (NEDA) is not inclined to give out new tax incentives as sweeteners to investors planning to put in money for projects located outside Metro Manila.

Amid plans to prioritize areas outside the country’s economic capital, NEDA Director General and Socioeconomic Planning Secretary Enresto M. Pernia said that incentive package to attract investors is part of the program.

“We’re not too keen on coming up with new fiscal incentives,” Pernia told reporters when asked if they would provide incentives to projects outside of Metro Manila. “In fact, we are rationalizing, [and] we are reviewing our fiscal incentives system.”

The NEDA chief also believes that government projects are attractive enough to foreign or local investors.

“I think tourism can be a champion as well as agriculture, ports and roads. Roads are needed in many cases in areas outside of the Metro Manila Urban Industrial region that includes Calabarzon and Central Luzon,” Pernia said.

In addition, the official said “there are still a lot of things to do so that Metro Cebu, for example and Metro Davao can be competitive with Metro Manila eventually.”

Earlier, President Rodrigo R. Duterte urged local and foreign businessmen to consider investing in areas outside of Metro Manila to create more jobs and spread economic opportunities to the rest of the country.

Duterte believes the issue of overEnergy population and local migration would be addressed if economic opportunities were readily available outside the country’s economic capital.

In line with this plan, the new administration now plans to establish economic zones outside Metro Manila to promote regional development.

Duterte plans to create more economic zones to serve as trading centers as well as relocation sites for poor people in congested Manila.

Duterte said residents of the economic zones would be assured of employment and access to basic services like health care and education.

Earlier, the Department of Finance (DOF) said the government will prioritize infrastructure projects outside Metro Manila to boost employment in the countryside, help decongest the nation’s capital, and attain inclusive growth.

Among the plans is higher public investment in more school buildings in the provinces, especially in outlying areas. (CSL)