Newly-installed Dumaguete City Mayor Manuel “Chiquiting” Sagarbarria met with the Local Investment Board to clarify the seemingly-clouded issues hovering above our Tax Investment Code (Ordinance No. 139).
Mayor Chiquiting stressed that the investing company must have a P500,000,000 solid initial capital upon its declaration of an investment to qualify for a five-year tax holiday.
Furthermore, the hiring of workers must meet the required minimum number of employees, and who must all be permanent residents Dumaguete City.
Mayor Chiquiting emphasized that while it is his desire to provide as many job opportunities for the people of Dumaguete as possible, he will only do this without jeopardizing the economic interests of the City government.
The Local Investment Board generally agreed that the basis for the granting of tax incentives would be based on a sound Business-Enhancing Approach rather than on a Regulatory Approach.
This way, they said, the interests of the business sector, the people, and that of government are equally met and fairly protected.
At least I am confident that matters such as this are well-thought out by an active Local Investment Board composed of City Administrator William E. Ablong, City Legal Officer Neil Ray Lagahit, the City Assessor’s Office, the City Treasusrer’s Office, Trade & Industry Provincial Director Javier Fortunato Jr., Prof. Norma Casluscusan representing the Cooperative sector, and the business sector represented by Macrina R. Fuentes, Engr. Greg L. Uymatiao Jr., and Edward Du.
Surely, a meeting of minds among the members of this Board to strengthen the Tax Investment Code No. 139 will open doors to greater opportunities for our people to enjoy.