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BY: Erwin Beleo

Investments Watermark Website

(Photo by: John Russell Barrientos)

Big investors are coming in the People’s City thereby paving the way for increased revenue and generation of job opportunities in the City and the province.

 

According to Rizalyn D. Medrano, officer-in-charge of the City Local Economic and Business Development Office (LEBDO), this year’s big investors are Task Us, an IT-BPO company, and the Robinsons Mall.

“These companies are of big help to ensure local economic development (LED) particularly on the generation of business taxes as well as local employment,” Medrano said during an interview. 1, 700 new job opportunities are expected to open for the locals because of the arrival of these new companies and investments.

Medrano also added that with the amendment of the City Ordinance No. 2018-19 or the City Investment Incentives Codes, “we are expecting more big companies to invest here.” The Local Fiscal Incentives outlined in the said ordinance are to be given to enterprises consistent with the Local Revenue Code and Book II of the Local Government Code (LGC) (RA 7160) such as exemption for local business taxes, tax exemption privileges, and exemption from payment of postal charges. There are also non-fiscal incentives to be provided to the registered enterprises through the City of San Fernando-Investment Promotion Action Center (CSF-IPAC).

The incentives shall be granted only to new, expanding or modernizing projects located in the City. It does not extend to fees and charges imposed by the PNP, and the City Government such as garbage fees, sanitary and electrical inspection fees, and others. It also does not include rental fees of public utilities owned and operated by the local government as well, including water and electric bills, and toll fees. The said exemption shall take effect next year.

In turn, they are asked to employ a large number of their workforce from the City of San Fernando to ensure that residents especially the poor can benefit the economic development that these companies bring.

At present, there are about 7,014 businesses currently operating in the City. This includes general merchandising, food-related establishments, hotels and resorts, and others.

The City Government of San Fernando has always been committed to creating opportunities for progress and success not just for the working class but for the businesses of the City as well

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