Oro ensures more tax perks to traders helping MSMEs

By LITO RULONA
Correspondent .

The city government of Cagayan de Oro on Friday ensured a bigger tax incentive to investors promoting micro-small and medium enterprises (MSME’s).

Newly approved City Ordinance number 13418-2018 authored by City Councilor George S. Goking, would invite business communities coming from Metro Manila and other countries to visit Cagayan  de Oro.

Goking said he would initially promote Cagayan de Oro through linkages to other business communities from other countries initially from Asia and United States of America with the help of the Misamis Oriental Chinese Chamber of Commerce and Industry (MOCCCI) and other chamber of commerce.

“We will not wait for some other time. We need more investors to answer the needs of our newly-graduates students and offer new jobs to our jobless communities. Incentives would be discuss with the local chief executives in line with the approved revised ordinance,” he said.

Initially, he said with the help of other sectors in the community, they would task local barangay units to initiate identification of job seekers and training obtained by the local communities to fit-in the needs and demand.

The newly approved ordinance is also in line with the thrust of the city to create business opportunities that can pave the way to an improved utilization of local resources and develop markets for local products and ignite the ingenuity of entrepreneurs and other stakeholders.

The new investment code updates the Cagayan de Oro Investment Incentives Code of 2002, taking into account the current economic outlook of the city vis-a-vis the country and the world and the city’s vision and mission.

Under the Committee on Trade, Commerce and Industry chaired by Goking  already made some initial meetings with MOCCCI to help them invite foreign investors coming from other countries.

“If the business sectors from other country invites us to discuss some possibilities then we are willing to do some linkages,” he said.

He said they also asked help coming from the national and regional offices from the Department of Trade and Industry (DTI) and the Department of Tourism (DOT) to offer tax incentives to possible investors.

Goking said his committee would also help in the identification of areas in Cagayan de Oro that could be considered as part of the Investment Priority Areas (IPAs) like Barangay Bulua, Upper Carmen, Lumbia, Agusan, Tablon and Indahag.