New city investment code to offer more incentives

The Davao City Investment Promotion Center (DCIPC) is hoping that the current 18th City Council can still pass the proposed amendment of the city’s investment code before the end of the regular session on June 30.

DCIPC head Lemuel Ortonio (File Photo)

DCIPC head Lemuel Ortonio said that the revision of the Davao City Investment Code of 2012 will encourage more investors, offering both fiscal and non-fiscal incentives.

Ortonio said that the consultation with the different industry and chambers associations were made during the last quarter of 2018.

“We already completed the first draft and it is ready to be presented to the Davao City Investment Incentive Board by the end of February,” he said.

Ortonio said that comments and suggestions that will be gathered during their presentation, will be collated before submitting it to the city council.

The revision consists of the 10 preferred investment areas of the city, namely  agribusiness; tourism and recreational facilities; light manufacturing; infrastructure and connectivity; information and communications technology; property development; health and wellness, education, and sports facilities; generation of new sources of energy; and green projects.

The investment chief said that one of the proposals to focus on is on the agribusinesses and farmers who are having difficulties in processing raw materials due to lack of advanced facilities for productions.

Incentives for tourism and recreational facilities will also be made to attract more investors.