Non-fiscal incentives eyed to lure investors to Ilocos Norte

LAOAG CITY – Ilocos Norte is considering providing more non-fiscal incentives to lure more investors to the province.

Ilocos Norte investment office head Soya Cheng-Bueno said Wednesday the governor’s permit fees and other applicable taxes may soon be waived to entice more businesses to relocate and expand here.

“We are currently reviewing the provincial investment code and we hope to give more non-fiscal incentives to all interested investors,” she said.

As the local economy is recovering from the impact of the coronavirus disease 2019, the Ilocos Norte government through its investment office is offering pre-investment and investor servicing programs to help new and existing businesses.

Among the services offered are the provision of relevant market information, site visits to potential investment hubs, and assistance in identifying properties for lease.

Bueno added that they are also planning to incentivize businesses with environment-friendly practices as well as those who employ locals.

To sustain economic recovery from pandemic-induced losses, the provincial government earlier launched its “Move IN” project, which takes advantage of the pandemic situation where most jobs have gone remote.

Bueno said the strategy aims to bring outside money to Ilocos Norte by inviting non-residents of Ilocos Norte to work, study, or live in the province.

Any interested party who is willing to work or study from a new location is entitled to discounts from partner merchants engaged in accommodation, food and beverages, retail, utilities such as gasoline, and medical needs.

Investors in the agribusiness, tourism, manufacturing, renewable energy, and mining sectors could also be exempted from real property taxes. (PNA)