ILOILO CITY -- Tax incentives await those willing to open or expand their businesses in Guimaras following the enactment of its Investment Code.
“With the enactment of our 2017 Investment Code, we really encourage investors to come and visit Guimaras because we have package for incoming investors,” said Guimaras Vice Governor John Edward Gando.
The Guimaras Investment Code offers fiscal and non-fiscal incentives both to existing enterprises or those presently located in the province, and expansion projects to include modernization and upgrading, increase of existing capitalization and increase of stores of the same owner and new investors.
The code covers investments on tourism, manufacturing, agri-business, services, real estate development, infrastructure and development sector and information and communications technology (ICT).
Investments may range from PHP3-5 million for small scale, PHP15 million but not more than PHP100 million for medium scale, and PHP100 million and above for large-scale business projects, exclusive of land cost, to qualify for incentives.
The amount of capitalization must be based on the total project cost as stated in the investors’ project study submitted to and approved by the Guimaras Investment Board.
Also exemption from the real property tax for period of three years will only be for the 35 percent of the province share.
Those who are qualified may avail of 100 percent exemption during the first year of operations, 75 percent in the second year and 50 percent in the third year.
Other fiscal incentives may be offered by the municipality where they intend to establish their investment.
“This is the next big thing in the province of Guimaras. With this we can proudly say that guests can now be accommodated,” Gando said, adding that the investment is expected to complement the agri-tourism drive of the province.
Gando said that there are also other investors who signified their intention to pour their investments in the province.
To strengthen its drive of enticing more investors, Gando said the Guimaras Electric Company (Guimelco) had availed of a more than PHP100 million loan for the upgrading of its 69 KVA power lines.
“Before the (2018) Manggahan Festival we can see the upgrading of our electric lines and we are optimistic that we can address the power concern of Guimaras,” Gando said.
The current demand of the province is close to eight megawatts.
In terms of connectivity, the Philippine Long Distance Telephone Company has started to lay down fiber optic lines in the province and is already available up to the provincial capitol area in San Miguel, Jordan.
“I am very hopeful that the problem on connectivity will be resolved the soonest,” Gando said. (PNA)
PNA photo by Perla Lena
