CAGAYAN de Oro City Mayor Rolando ‘Klarex’ Uy convened the city’s local investment board to accommodate appropriations for the funding requirement necessary for the implementation of provisions of the city’s Investment Code.

Uy even adopted the Ordinance enacting the city of Cagayan de Oro Local Investments Incentive Code of 2018 that provides for the composition of the Local Investment Board chaired by himself as the city mayor.

“It is the declared policy to actively encourage the participation of the private sector in the promotion of economic growth and prosperity in the City,” said City Council’s Committee on Trade and Commerce and Ways and Means chair Councilor George Goking.

Goking who authored City Ordinance 13418-2018 known as an Ordinance enacting the city of Cagayan de Oro Local Investments Incentive Code of 2018, as amended Cagayan de Oro Local Investments Incentive Code of 2014.

“It shall grant fiscal and non-fiscal incentives to investors, both local and foreign, particularly in identified investment priority areas,” said Goking.

He added the board was guided by the said ordinance to attract new investors and keep and retain existing investments and encourage their expansion.

“Generally, the ordinance is creating and maintaining a business-friendly environment that will accelerate economic progress,” said Goking.

To oversee the implementation of the Local Investment Code, Goking also explained that the representations of the board were from the Offices of the City’s administrator, treasurer, assessor, planning, and development officer, the City Council Committee on Trade and Commerce, and Committee on Ways and Means.

Also from the provincial director of the Department of Trade and Industry and other representatives from the government and the private sectors.

OATH OF OFFICE. Mayor Rolando ‘Klarex’ Uy administers the oath of office to city legal officer lawyer Kenneth Tamala, as vice chair, members John Asuncion of the Local Economic and Investment Promotion Center, the representatives of Misamis Oriental Filipino-Chinese Chamber of Commerce and Oro Chamber of Commerce and Industry Foundation, Inc., and City Councilor George S. Goking. Contributed photo

Uy’s vice chair was lawyer Keneth Tamala, said Goking adding other members were the president of the Oro Chamber of Commerce, Misamis Oriental Fil-Chinese Chamber of Commerce, and the Cagayan de Oro Trade and Investment Promotions Center (Oro-TIPC).

“This local investment code will generate employment opportunities, increase revenues and income, reduce poverty, and improve the overall quality of life for the people of the City of Cagayan de Oro,” said Goking.

Also the purpose and objective of the City of Cagayan de Oro Local Investments Incentive Code include providing guidelines, standards, and procedures for the grant, administration, and availing of local incentives.

“The city may grant in its effort to attract investments to the City consistent with the policy of this Code, as well as promote and support micro-small medium enterprises and create business opportunities that can pave the way to an improved utilization of local resources, develop markets for local products, and ignite the ingenuity of the entrepreneurs and other stakeholders,” said Goking.

The ordinance also provides the guidelines and criteria for the identification of Investment Priority Areas (IPAs);

To provide for the promotion of the IPAs of the City; To establish the Local Investments and Incentives Board and the Oro-TIPC to implement this Code and all the investments promotion programs of the City for business attraction, retention, expansion and/or diversification;

And to identify the conditions for the grant of incentives to investors and their continued enjoyment of the same, subject to the maximum term of the incentives thus granted.

In line with the foregoing declared policy, Goking said that the City of Cagayan de Oro also adopts the policy to “grant of incentives.”

“The grant of incentives shall be based on categorical criteria, time-bound, and in conformance with national laws,” said Goking.

He said that the incentives shall be fairly administered to ensure a level playing field for investors in the locality.

The incentives shall be extended only to business activities that support and promote the development vision of the City as expressed in its Comprehensive Development and Land Use Plan and those which are consistent with the investment thrust of the region and national government, said Goking.