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The Investment and Incentive Code of Tuguegarao City was approved last June 26, 2014, a City Ordinance No. 004-2014.
In September of 2014, a temporary Office was created with a temporary Head of office and three (3) staff. From September 2014 to December 2014, the creation of an Ad-Hoc Committee to craft the Implementing Rules and Regulations (IRR) of the Investment Code was organized via Executive Order No. 42-2014.
The IRR was finally crafted and approved last May 8, 2015 by the Board of Investment of the City Promotion and Incentive Center (CIPC).
Hence, accommodating of applicants for incentives will be toward the end of 2015. In the pipeline, applications in process are: ROBINSONS MALL, SM SHOE MART, TAJ HOTEL and others.
Below, is an excerpt of Fiscal and Non-Fiscal Incentives offered to prospective investors.
EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF TUGUEGARAO CITY, CAGAYAN HELD ON MAY 28, 2014, 2:00 PM, WEDNESDAY, AT THE SANGGUNIANG PANLUNGSOD SESSION HALL
CITY ORDINANCE NO. 004-2014
AN ORDINANCE ENACTING THE TUGUEGARAO CITY INVESTMENTS AND INCENTIVES CODE OF 2014
LIFTED FROM THE INVESTMENT AND INCENTIVE CODE OF 2014
NON-FISCAL INCENTIVES - To enhance investor confidence in the incentive program, the City Government shall provide:
FISCAL INCENTIVES - In addition to the incentives provided by law and by the Local Government Code of 1991, a registered enterprise qualified under this Code shall benefit from Business and Real Property Tax exemptions that will be provided on a graduated basis within three (3) years from the start of its commercial operation.
For the first year of operation an exemption of 75% will be given, 50% on the second year and 25% on the third year. However, all participants to the Incentive Program are still required to secure the Mayor’s Permit and such other permits necessary for the operation of their business.
The City may also give incentives known as “Green Incentives” to enterprises as Payment for Environmental Services (PES). PES projects may be in the form of environmental protection and climate change adaptation in poor, marginalized sectors of the society, technical and financial assistance on sustainable livelihood activities, green technologies that will reduce the poor’s vulnerability to climate change, financing protection or rehabilitation of degraded ecosystems, and other environmental activities formally agreed on with concerned communities and Tuguegarao City Government.