Surigao trade incentives seen to attract investors

Economic boom is expected to continue as more investors, both foreign and domestic, are coming in due to the business holidays extended to investments made in Surigao City.

“Aside from mining business, fishing and agriculture, investors are also eyeing on tourism industry,” said City Mayor Pons Casurra.

Added to the influx of business in that northeastern tip city of Caraga Region is the city ordinance that provides for the granting of several business tax incentives and other privileges to qualified investors and enterprises.

The recently created Surigao City Investment Board (SCIB) will oversee the direct implementation of the said ordinance, Casurra added.

“City Ordinance No. 246 significantly contributes to the city’s socio-economic development and industrialization,” he stressed.

The various businesses now seen around the city also added employment and livelihood to Surigaonons.

These big investments that added to employment are in the agriculture, manufacturing/processing industries, mining, tourism, renewable energy development and industrial tree plantation.

Some of the business incentives include exemption from the payment of business taxes and basic property tax, except the one-percent special education fund imposed by the city government under existing tax and revenue ordinances.

This incentive will be enjoyed for a period of three years starting from the approval of the application.

One of the incentives grants a prospective investor to use city government-owned lands for free for a period of ten years subject to the recommendation of the SCIB and the approval of the Sangguniang Panlungsod, provided that the applicant must develop the said area with a minimum capital investment on building and/or equipment of P15,000,000.

The ownership of the said development, including building and equipment, will be transferred to the city government upon the expiration of the ten-year lease period. (Mike Crismundo, MB)

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