In anticipation of the possible effects of the global financial crisis, the city government will formulate an incentive package in attracting investors like the Megaworld Corporation.
Mayor Jerry Treñas said they will first create an incentive board that will primarily design an incentive package for the investors. The incentive package will center in giving incentives through business taxes and building incentive taxes.
The presence of investors in the city will provide continuing jobs to the Ilonggos from the construction phase of their edifice and final completion of the business, said Treñas.
The board will be composed of Councilor Jose Espinosa III, chair of the committee on economic affairs of the Sangguniang Panlungsod, Majority Floor Leader Eduardo Peñaredondo, chiefs of office of the City Planning and Development Office (CPDO), City Treasurers Office and City Assessors with the Local Incentive Board headed by June Borromeo, said Treñas.
The incentive package is the city’s approach in attracting investors. It will serve as go signal for the investors who are in “wait and see attitude” during this time. The investors are still apprehensive to pour their investments because of the financial market.
The effects of the global financial crisis are projected to be felt by Filipinos in the first quarter of 2009. The global crisis blocks the investors from further investing in different kinds of business.
Initially, the incentive package will cover a 3-year period for businesses with P50 million investments and above and investments for Small and Medium Enterprise (SMEs) engaged in business such as coffee shops.
The businesses that will employ certain number of workers can avail of the incentive package. The incentive package is also aimed to enhance the interest of Megaworld Corporation to start their project at the old Mandurriao airport area.
The Megaworld has yet to start their project at the old airport. It was learned they are preparing all the required permits prior to the construction proper of their work and play investment.
NEWS COURTESY OF: http://www.thenewstoday.info
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