Organizers of this year’s Mindanao Business Conference (MinBizCon) are pushing for special tax incentives as a tool to attract investors to locate in Mindanao.
Speaking at Habi at Kape press forum, Davao City Chamber of Commerce and Industry Inc. (DCCCII) president Arturo Milan said they will draft resolutions in relation to seeking some corrections on deficiencies in the Comprehensive Tax Reform Program (CRTP) to make it simpler, fairer, and more efficient.
“That is why we are supporting the CRTP because we want also that Mindanao should be given preferential tax incentives for investors to locate their investments in Mindanao. This is a way to encourage investments to come to Mindanao and be extended preferential tax incentives,” Milan said.
He said there is a need to grow Mindanao so it can contribute to the GDP growth of the country. He said Mindanao will be left behind always and the whole Philippine economy cannot grow fast. He said there should be more focus in trying to bring more investments to Mindanao and this is in terms of giving tax incentives by the Board of Investment (BOI) including income tax holiday (ITH), exemption from taxes and duties on imported spare parts, tax credits, and employment of foreign nationals.
He said though government is trying to rationalize tax policies thru the CTRP, tax holidays however are affected driving potential investors away.
Milan cited areas such as Surigao, ARMM, and Davao City as highly potential areas that would help spur the Philippine economy as a whole.
“LGUs only have local business taxes and real property tax and local business tax in terms of the local revenue when you apply for business permit and the real property tax. But I am talking about the national such as the income tax holiday, tax on importation on capital goods-these are the big things that can encourage investments in Mindanao,” he said.
He said preferential tax incentives can be applied in the whole of Mindanao.
Also in the resolution is their recommendation on the conversion of the Davao International Airport (DIA) into an authority.
“I’m sounding like a broken record already because we wanted also to have direct access to tourism. This is part of our Mindanao growth Agenda we have a share of our own tourism also coming directly,” he said.
Also included in the resolution is for the infrastructure projects in Davao to continue like the seaport and airport for the city to be competitive with other key areas in the country.
The 27th MinBizCon slated on September 13 to 15 at the Big 8 Corporate Hotel in Tagum City will be hosted by the two chambers: DCCCII and the Tagum City Chamber of Commerce and Industry (TCCCII).
MinBizCon 2018 is an annual event organized by the Philippine Chamber of Commerce and Industry that aims to create a venue for discussion of both economic concerns and opportunities and eventually lead to policy actions for the development of Mindanao. Maya M. Padillo