Proposed measure giving perks to investors in Cebu pushed

MORE private local and foreign investors are expected to contribute to Cebu province’s economic growth once a new ordinance proposed by the Provincial Board will be enacted.

The PB proposed to establish the “2014 Province of Cebu Investments and Incentives Code,” creating with it its own regulating board and operations center.

“The main purpose of this ordinance is to encourage Filipino and foreign investments to establish enterprises in the province and to develop the agricultural, industrial and service industries in the countryside,” said PB member Christopher Baricuatro, chairman of the Committee on Commerce & Industry.

Baricuatro said this can be achieved by providing certain fiscal incentives such as tax exemptions and other non-fiscal incentives to qualified investments.

Among the non-fiscal incentives cited in the proposed ordinance are consistent support from the provincial government for industrial peace and security and assistance in labor recruitment.

The proposed code provides that investors whose applications have been accepted and granted certificates of registration or exemption must employ bonafide residents of Cebu province in at least 75 percent of their workforce.

Baricuatro said the ordinance also aims to hasten economic development in the province by exposing it to opportunities that trigger growth in areas long neglected.

Tourism, mining, clean water projects, renewable energy and export activities are among the ordinance’s preferred investment areas.

The ordinance was referred to the Committee on Commerce and Industry last February 3, 2014 and has undergone three public hearings following its first reading.

It was approved on second reading during last Monday’s PB session.

The ordinance has yet to go through a third and final reading.

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