Traders told: Invest in city’s rural areas
INVESTORS are urged to take advantage of better fiscal incentives by investing in the rural areas of the city like Baguio, Calinan, Marilog and Paquibato.
In his speech during the 5th Davao Investment Conference at SMX Convention Center last week, Lemuel Ortonio, Davao City Investment Promotion Center head, said they wanted to spread economic development beyond the Central Business District (CBD).
“In supporting the city’s thrust to spread development outside the Central Business District, the city also offers longer fiscal incentives if the investments are located in our preferred district areas,” Ortonio said.
The city government is offering business tax exemptions for three years business and real estate tax exemption for two years for new, expansion and diversification projects as long as it falls within the 10 preferred investment areas.
The areas of investments are agri-business, tourism, and recreational facilities, light manufactur175
ing and assembly, property development, health and wellness including educational and sports facilities, environmental protection or green projects, information and communications technology, generation of new sources of energy, transportation and infrastructure, and publicprivate partnership projects.
For investing in the rural areas, the city government will grant a five-year moratorium on both business and real property taxes.
Ortonio also assured investors that when they invest in the city, the local government and other agencies will support them.
“The city is striving to enhance the business environment to to attract more local and foreign investors, as well as retaining the existing investors and encourage them for expansion,” he said.