MikeLigalig.com

Davao City (2 December 2005) -- The Davao City government is giving longer terms of incentives for investments that will locate in the outskirts of the city.

Engr. Roberto Teo, head of the Davao City Investment and Promotion Center in an interview said the shift in the priorities came about after the completion of a review of the incentive code conducted by Sycip Gorres Velayo & Company (SGV&Co).

Teo referred the outskirts as those areas after Calinan in the south and after Ilang, Tibungco towards north.

"We wanted to spread the development to these areas as well as diffuse traffic in the poblacion," he said.

He said when these areas are developed, there will be employment available in these places including the development of residential areas which will result to more economic activities.

He said locators in these areas will have an extension of tax holidays from three years to six years for payment of mayor's permit and from two years to four years for real property tax.

The revised incentive code, Teo said has yet to be presented to the city council for approval.

Earlier Vice Mayor Luis Bongayan said that the purpose of the incentive code review is to determine what is the need of the time and to also look at the structure.

He said there will be other sectors that will be added to the DCIPC board while some has to be replaced.

"We are not saying that the present composition is not effective only that it has to come up with composition that could respond to the needs of the time," he said.

Teo meanwhile said that there is a shift in the investment priority areas while some has to be deleted.

He cited foreign banking as one area that is to be dropped in the priority areas and named ICT and alternative fuel as two of the additional preferred areas for investment.


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