BAGUIO CITY – The Cordillera Regional Development Council (RDC-CAR) approved a resolution urging all local government units (LGUs) in the Cordillera Administrative Region to complete their local investment and incentives code and provide tax holidays in their local investments and incentives ordinances.
The regional policy-making body cited the formulation of the local investments and incentives code urging all local government units and other stakeholders concerned have been directed by the Department of Trade and Industry (DTI) Bureau of Investments and the Department of the Interior and Local Government (DILG) through a Joint Memorandum series of 2011.
The RDC-CAR pointed out the completion of the local investments and incentives code will pave the way for convergence of efforts among all concerned agencies of government and other stakeholders in the promotion of the local investment priorities.
“The provision of tax holidays among other incentives in the local investments and incentives code will draw the interest of prospective investors,” the RDC-CAR resolution stated.
The local investments and incentives code is a document that spells out “proactive measures to draw local and foreign investments, especially in priority areas/industries and as a tool to define the development thrust of the LGU consistent with its land use plan and zoning regulations, hasten the development of new or brownfield areas for industrial and business development, urban renewal or revitalization thereby attaining the LGU’s economic and social objectives in contributing to regional and national goals.”
The RDC-CAR cited the code contains the vital investment priority areas for the development of the local government unit where requisite funding is beyond local budget capability.
After the approval of the resolution during the recent en banc session of the RDC-CAR, copies of the same will be furnished to the DTI and DILG and all local governments for their information, guidance and appropriate action.
Milagros A. Rimando, Regional Director of the Cordillera office of the National Economic Development Authority (NEDA) and RDC-CAR Vice Chairperson, said the approval of the resolution will pave the way for the crafting of the local incentives and investments code by the different local governments in order to manage the business climate in their respective areas of jurisdiction in the future.
By Dexter A. See