The Bacolod City government, through its Local Investment Board, recently granted tax exemptions to three more investors in the city.

These are Ocana Holdings Inc., Bacolod Capitol Hill Land Development Corp., and Fernando F. Gonzaga Inc.

Permits and Lincensing Division head Ardis Jaculina said the tax incentives were approved by the LIB, composed of government and non-government representation, after deliberation with the Business Development and Promotions Center, the office that caters to and facilitates the investment of the Bacolod City government.

She said the tax holidays will encourage more investments in the city.

Jaculina said Sylvia Manor was granted four years, while BCHLDC and FFGI were each granted five years exemption for business sales taxes, building permit fees and other relevant taxes or charges imposed by existing city ordinances. However, they will still have to pay regulatory fees, she said. Jaculina said Ocana Holdings, which has put up the Sylvia Manor Hotel, has a capitalization of P40 million and has 66 direct employees, while the BCHLDC, whose line of business is real estate, will be housing the China Town Mall. It has a capitalization of P30 million and will have 200 employees, she said.

The Fernando F. Gonzaga Inc., housing the East Block, which caters to the medical transcription, a call center, and other restaurants like Mang Inasal, Calea, among others, has a capitalization of P40 million and has 105 direct employees, she added.

These investments are income-generating and will give more employment to the city and also bring an economic boom, Jaculina said. She said some of the city's foreign investors are not particular about the fiscal incentives but with the non-fiscal ones that the city can provide like peace and order, accessibility of travel and a friendly atmosphere.

The city had also granted a five year tax holiday to both SM City-Bacolod and Robinson's Metro last year, Jaculina said.

Jaculina said the Incentive Code, or City Ordinance No. 207 was approved in Jan. 28, 1998, during the incumbency of Mayor Evelio Leonardia, who was the one who facilitated the approval and passage of the law.

It was amended as C.O. 323 in March 2002 and the law constitutes all other incentives that would be granted to all would-be investors of the city, both local and national, as well as, international.

Bacolod was adjudged the 2006 Most Business-Friendly Local Government Unit for Visayas (city category) by the Philippines Business Conference Award Committee of the Philippine Chamber of Commerce and Industry. It also received last year the Anvil National Award for its One-Stop-Shop processing system for business permits.*CGS

back to top