By Florence F. Hibionada/ PNS
ILOILO – The Iloilo Provincial Government (IPG) is coming out with the latest Provincial Investments Promotion Code with better fiscal incentives and preferred investments identified.
“Fine-tuned” and enhanced to best adopt to Iloilo’s investment climate, deliberations of the Code was conducted by the Committee on Economic Affairs and Investment.
Committee chair, Ex-Officio Board Member Charmine Devicente led the series of public hearings with final version out in Wednesday’s regular session. Devicente is Provincial Federation president of the Iloilo Sangguniang Kabataan (SK).
With legislative backing in place, Governor Arthur Defensor Sr. has since pushed for the code’s passage aimed at encouraging further investments here.
Foremost in the Code are choiced investments in the province categorized into agri-business, tourism and other related enterprises, manufacturing, property development and services and other services-oriented enterprises.
Further still is the creation of the Iloilo Investments Promotion Board and the Iloilo Investments Promotions Unit with tax-exemption privileges and incentives set.
Under the new Investment Code, a registered business may qualify for tax incentives within six years of operation and five years for expanding business.
Conditions for said availment though are prescribed mainly under existing Provincial Revenue Code of Iloilo.
“A year’s coverage of tax incentives for the business shall cover 365 days from the start of commercial operation,” the Code stated.
Added to the Code are non-fiscal incentives as well for both the registered enterprise and investors concerned.
For the investors’ convenience is a one-stop documentation center for simplified documentation procedures. Capitol has also assured of assistance in securing permits, licenses and other documentary requirements. While at it, the governor ensured the provision of reliable, accurate and timely information with further assurance of assistance in labor recruitment.