GENERAL SANTOS CITY (MindaNews/29 November)—New investments in Sarangani province last year reached P604 million, with the provincial government expecting it to further grow next year with the launching of its revised investment code.
The figure was 118 percent higher from the P276 million posted in 2010, which was fueled by investments in tourism, aquaculture and manufacturing, data from the provincial Department of Trade and Industry showed.
Early this week, Sarangani launched the revised investment code in line with the holding of a business conference that seeks to attract more investments to the province’s seven towns.
Since 2007, this is the second amendment of the code, which specifically polished the granting of incentives and the provision of technical assistance to those who apply for tax exemption for new businesses in Sarangani.
Compared to the 2007 Investment Code, the newly-amended version offers full exemption from payment of a hundred percent provincial government share on tax on sand, gravel and other quarry resources during the construction period of business facilities but not exceeding two years. Same exemption is being offered in basic real property tax for businessmen to enjoy for a maximum of five years.
Also offered is the full exemption from the annual payment of governor’s permit fees for maximum of five years and 50 percent discount on amusement tax and rental rates on provincial government, controlled and/or operated light and heavy equipment during construction of a business structure.
“Our motto is you should be able to sleep well at night even if you’re from Manila or the [United] States knowing that your one million dollars is “extremely safe” in the Philippines, especially in Sarangani,” Governor Miguel Rene A. Dominguez said in a statement.
“I think many locators can probably say that we have walked hand-in-hand with them in ensuring that their business would not only be prosperous but business will be snag-free of any external concerns, especially concerns coming from the political sector,” he added.
Sarangani has opened various business opportunities to investors over the last eight years, which already generated more than 90 major investments in the various priority investment areas mostly in tourism, plantation agriculture, aquaculture, manufacturing and support services.
In the last three years (2009-2011), capital infused on new investments has increased by an average growth rate of 39.34 percent, based on the total P1.34 billion generated during the period. (Bong S. Sarmiento/MindaNews)