DAVAO CITY -- The Davao City government has urged investors to put up parking facility to address lack of parking spaces in downtown area, especially when the city starts to implement the "No Street Parking" regulation.
The parking facility will be the new area for preferred investments which can be covered by tax incentive packages, according to Davao City Investment and Promotion Center (DCIPC) head Lemuel Ortonio.
The proposed incentive for this investment will have longer terms where both the fiscal and real property tax will be covered for six years.
This is also a type of investment which has longer return of investment. The parking facility, he said, can either be vertical or horizontal and even underground provided it will be exclusively use as a parking facility.
Ortonio said there is already a proposed ordinance prohibiting parking on city streets that was already approved by the city council on first reading and for public consultation. The side streets are being used for parking.
According to Ortonio, a Japanese company has submitted a proposal through a public private partnership (PPP) arrangement.
He said the PPP secretariat already sent the necessary requirements and also a follow up letter regarding such investment.
Given this, Ortonio said the city will be enticing investors in this area of investment with an assurance that areas for such projects are pre-identified in the first district.
This type of investment is also open to investors who have idle lands that can be used as parking facility, he said.
DCIPC is also considering other areas of investments on learning or education institutions. Among the new schools which will soon operate here is the Malayan Colleges of Mapua University while Letran University and the Lyceum University of the Philippines are reportedly planning to establish its own branch in Davao City. (Digna D. Banzon/PNA)
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