DavNor readies investment code IRR to keep business lead

DAVAO DEL NORTE, Jan 28---  The Province of Davao del Norte is poised to sustain its lead as the top investment haven in the Davao region, with the formulation of the rules and regulations (IRR) implementing its Local Investment and Incentives Code (LIIC).

The landmark legislation, which was the first harmonized LIIC in Region XI passed early last year, aims to attract more investors and spur business activities in the province.

The Davao del Norte Investment Promotion Center (DNIPC) led the crafting of the IRR governing the LIIC, under the guidance of the Canadian government-funded Local Governance Support Program for Local Economic Development (LGSP-LED).

Governor Rodolfo del Rosario cajoled the Provincial Board to urgently pass the code to strengthen the province’s preparation for the ASEAN regional economic integration this year.

The LIIC of the province features, among others, the integration of global themes, promotion of sustainable agriculture, and the expansion of coverage and non-fiscal incentives, in order to accelerate economic progress, provide employment opportunities, increase revenues, reduce poverty, and ultimately improve the quality of life of the people.

Romeo Castañaga, Officer-In-Charge of the Department of Trade and Industry-Davao del Norte, said the promulgation of the rules implementing the code will help the province stay ahead in bringing in investments.

According to Castañaga, Davao del Norte claimed the top spot in fetching investments in the region in 2014.

This was brought about by the approval of four big ticket projects in the province with a combined worth of P11.194 billion, which were granted fiscal incentives by the DTI last year.

These include the P5.724-billion seaport and container yard project of the Hijo International Port Services, Inc. and the P2.7-billion mall project of the Robinsons Land Corporation both in Tagum City, the P2.653-billion international container terminal of the Anflocor-owned San Vicente Terminal and Brokerage Services in Panabo City, as well as, the P116.210-million Oakwood Residences undertaken by the HLC Construction and Development Corp. also in Panabo City.

The projects constituted 76 percent of the BOI-registered investments established in the province last year.  (Noel Baguio, PIO Davao del Norte)