Davao City tax incentives lure another P1 billion investment
By ROGER M. BALANZA
More than a billion pesos worth of new investments have availed of Davao City’s tax incentives program as the city continues to be a premier haven for new investors.
Seizing up the tax holidays, a hotel, a manufacturing firm and a high-end development project has poured in a total of P1.2 billion in preferred investments areas that qualified them for the tax incentives offered by the Davao City Investment Promotions Center (DCIPC).
DICPC has identified preferred investment areas which could avail of the tax holidays as Tourism and Recreational Facilities, Agri Business and Food Processing, Light Manufacturing and Assembly, Property Development, Transshipment Infrastructure, Establishment of Foreign Bank Branches, Medical, Educational, Training, and Sports Facilities, Telecommunications, and Environmental Enhancement and Protection Project.
DCPIC records showed the investors as the owners of My Hotel, the former 5-story Menseng Hotel along business district San Pedro Street, which has been refurbished at a cost of P60 million.
Invent Coffee Manufacturing Corporation also poured in P500 million into its plant in Ilang, Bunawan District, that would process coffee and cacao for export.
The two new investments would generate a total of about 200 jobs, according to DCPIC.
High-end housing developer Chula Vista Residences of the Hemeni Land Corporation also availed of the DCPIC incentives plan for the P661 million project, the latest addition to the city’s booming high-end housing industry. Hemeni projects 18 direct hires and 75 indirect workers for the project.
The tax incentives for the new investments include a three-year exemption in payment of building permits and other fees and charges, mayor’s permit and business sales taxes and real property tax.
Meanwhile, the Board of Investment (BOI) in Southern Mindanao said two major hospitals in Davao City have applied with BOI for accreditation as part of the country’s medical tourism program.
BOI chief Gil Dureza said the two medical facilities have applied for permit to pour additional investments to upgrade facilities as they prepare for tourist coming to Davao City for medical treatment. Dureza refrained from identifying the two hospitals but it is widely known here that medical facilities here are prepping up for the medical tourism program.