The Davao City Investment Promotion Center (DCIPC) announced that of the P3 Billion investment pledges accrued from 2023 to this year, P1.071Billion have already been granted incentives as of April 2024.
The DCIPC and the Davao City Investment Incentive Board recently approved the P706-million cold storage facility of Viking Cold Storage and the P365-million project of banana chips producer Golden Señoritas Inc.
DCIPC Unit Head Christian Cambaya told the City Information Office on Tuesday that the approval of the incentive board signals the materialization of these projects in the city.
The DCIPC had previously announced its incentives program prioritizing investors in agribusiness, technology, light manufacturing, infrastructure, tourism, property development, health, eco-industry, education, and inclusive businesses.
Investors that pour in capital of at least P3 million and open job vacancies for at least 10 people 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.
Aside from these, the city also offers non-fiscal incentives such as investment counselling and business matching, manpower referral, raw material sourcing, among others.
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. (CIO)