ABOUT BUSINESS

Davao City to develop 5 new ‘business districts’

BY ROGER M. BALANZA

The tsunami of investors coming to the Davao City that cannot find a space in the old central business districts need not have to worry.
The Davao City government would be developing five more business districts—away from downtown—for them to pour their millions of pesos in investments.
The new business districts—with ample breathing spaces and expansions compared to the over-crowded old business districts–would be located in Calinan, Baguio, Marilog, Tamugan and Paquibato, said Jason Magnaye, chief of Davao City Investment and Tourism Promotions Center.
The new business districts are part of business dispersal program of the local government as busines projects gobble up premium lands in the central business districts in the downtown area.
Locators in the “preferred business districts” that the Davao City Investment Incentive Board (DCIIB) would develop would enjoy tax incentives like new and expanding investments in the central business districts, said Magnaye.
Magnaye said DCIIB has submitted to the Davao City Council proposed amendments to the Davao City Investment Incentive Code providing such incentives that include exemption from payment of business tax and basic real property tax for at least five years to be granted to locators in the new business districts.
He said the new business districts was expected to lure investments in manufacturing.

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