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[av_heading heading=’RURAL UPDATE | Man-made islands good but inland investments better ‘ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=”]
BY JOHNNY NOVERA
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Tuesday, June 13, 2017
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THERE was a proposal featured in Panay News last week from a local realty company, Marikudo Real Estate Development Corp. (MREDC), in partnership with two other realty firms in Metro Manila, to put up two man-made islands reclaimed from the Iloilo Strait, with an area of 115 hectares and 250 hectares, respectively, and estimated to cost P45 billion.
The two new islands will extend from the area across the vicinity of Fort San Pedro in Iloilo City up to barangays San Juan and Calumpang near the Holy Rosary Reflection Center.
The project is a very good idea but we believe an inland business site will be less costly and easier to develop.
Besides, two new islands appearing at the narrow part of the Iloilo Strait, which is a major route for sea vessels calling at Iloilo’s international seaport, might impair port operations.
We invite Mr. Ronnie Baterna, president of MREDC which is the local partner of two other prospective investors, to take a look at new areas opened at the Iloilo Circumferential Road since 2015, now known as President Corazon C. Aquino Avenue. This is a four-lane well-paved highway built at the periphery of the city of Iloilo that opened up and made accessible on its route many hectares of land for development. This new area will give them the opportunity to start earlier with their plans at a fraction of the cost creating new land from an open sea.
Aside from the above information, we wish that Mr. Baterna also relay to his partners the incentives offered by our city, especially for new locators in Iloilo. We cite here the pertinent provisions of the existing ordinance passed by our Sangguniang Panlungsod:
Section 8 of Regulation Ordinance No. 2006-114 of the City of Iloilo offers the following business incentives: Tax exemptions for new investments – P5 million to P19.9 million for one year; P20 million to P39.9 million for two years; and P40 million and above for three years.
There is also a reduction of business tax. For new enterprises, on the first year operation – 75 percent reduction; second year – 50 percent; and third year – 25 percent.
For expanding enterprises, the business tax deductions are: first year, 60 percent; second year, 40 percent; and third year, 20 percent.
In addition, the city would grant exemption from mayor’s permit fees, building permit fees and other kinds of local license fees and dues, except for regular fees such as business manager’s fees, health certificate fee, sanitary permit fee, oath fee, garbage fee, fire inspection fee, tax on billboards, delivery vans and on weights and measures.
The business incentives under the ordinance would apply also to various other investment opportunities, such as:
1) manufacturing and processing;
2) export and tourism-oriented industries;
3) utility companies engaged in power generation and distribution of water, transportation support facilities and those of similar nature;
4) information and communications technology enterprises;
5) agro-fisheries;
6) social services; and
7) commercial buildings applied for use of investments. (For comments or re-actions, please e-mail to jnoveracompany@yahoo.com/PN
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