ILOILO City – The city government is offering a fresh set of tax incentives for property developers that integrate Ilonggo cultural aesthetics into the design of new commercial and mixed-use buildings.
This initiative stems from the recently passed Iloilo City Cultural Heritage Skyline Development Ordinance, aimed at fostering a balance between urban growth and cultural preservation.
Under the ordinance, developers can receive tax breaks if their building designs reflect the distinct cultural heritage of the region or blend seamlessly with the city’s heritage zones.
The incentives are structured to encourage contemporary developments while preserving the city’s rich architectural history.
For eligible buildings with an assessed value ranging from P3 million to P15 million, developers can expect a 10% tax break for the first two years, tapering down to 5% for the following three years.
Structures valued between P15 million and P100 million will see 15% in the first year, 10% in the second and third years, and 5% in the fourth and fifth years.
For projects worth over P100 million, incentives start at 20% for the first year, gradually decreasing to 5% by the fifth year.
The program excludes land taxes and buildings that have already benefited from previous heritage-related ordinances.
To qualify for the tax incentives, developers must obtain certification from the Iloilo City Cultural Heritage Conservation Council, ensuring that their projects meet the cultural standards outlined in the legislation.
The ordinance, which was approved on March 12, will take effect 15 days after being published in three public locations.
Applications can be submitted to the Office of the Building Official, with compliance certification handled by the Cultural Heritage Council. This measure is part of the city’s efforts to preserve its historic charm while welcoming modern development./PN
