3 firms seek incentives

A CITY investment official has revealed that three companies have applied for fiscal incentives in the Davao City Investment Incentive Board (DCIIB) for their incoming investments.



Lemuel G. Ortonio, head of Davao City Investment Promotion Center (DCIPC), said the companies are planning to set up a medical facility and two boutique hotels.

 The board, Ortonio said, is expected to approve the applications within the first quarter.

 He said the medical facility is an expansion of an existing hospital, which would be set up in the south while the boutique hotels would be established by local hotel operators.

 “Once approved, they can be granted three-year tax break in business tax and two-year tax holiday in real property tax,” Ortonio said.

 Under the Investment Incentive Code, the companies can avail of fiscal if the project is into agri-business, tourism and recreation facilities, light manufacturing assembly, property development, health and wellness, educational and sports facilities, environment protection and green projects, information and communication technology, energy projects, transportation and infrastructure and public-private partnership projects.

 A five-year tax break will be imposed if the projects fall in the preferred districts such as Calinan, Baguio, Marilog and Paquibato.

 Last year, the DCIIB approved Davao Thermo Biotech Corp.’s biodegradable waste-to-fertilizer project, Apo Agua’s bulk water facility, Davao South Feedmill Corp.’s aquatic feed mill and animal feed mill projects, Urban East Development Corp.’s housing project and Primeland Properties Inc.’s socialized housing project.

Posted in Business