malaysiangDAVAO CITY: This city has accrued investment pledges worth around PHP3 billion from 2023 to date, with PHP1 billion granted incentives as of April 2024.
In an interview Wednesday, Davao City Investment Promotion Center (DCIPC) chief Christian Cambaya said the PHP1 billion investment consisted of the PHP706 million cold storage facility of Viking Cold Storage and the PHP365 million project of banana chips producer Golden Señoritas Inc.
“These incentive packages are meant to encourage more businesses to invest their capital in the city while ushering in more activity in certain industries and sectors,” he added.
Cambaya said the approval of the incentive board, composed of the DCIPC and the Davao City Investment Incentive Board, signals the materialization of these projects in the city.
“We have also previously announced our incentives program prioritizing investors in agribusiness, technology, light manufacturing, infrastructure, tourism, property development, health, eco-industry, education, and inclusive
businesses,” he added.
Investors that pour in capital of at least PHP3 million are granted a three-year exemption in business tax, two-year exemption in real property tax, and a three-year exemption in mayor’s permit fees.
“These fiscal incentives are raised to five years of exemptions if investors should choose to establish their projects in the preferred districts of Calinan, Baguio, Marilog, and Paquibato,” Cambaya said.
Aside from this, he said the city also offers “non-fiscal incentives” such as investment counseling and business matching, workforce referral, and raw material sourcing.
Source: Philippines News Agency
