Tax incentives for businesses that hire locals

CEBU, Philippines - Aiming to increase job opportunities for local residents, Naga City Mayor Valdemar Chiong is eyeing to give tax incentives to companies in the city which hire Nagahanons.

Under the “Business Incentive Code”, which Chiong hopes will be approved by next year, a company that hires more Nagahanons will get “bigger incentives.”

He said that for the moment, the proposed measure, which will include other incentives for businesses like tax holidays, is still being crafted but the City Council has reportedly given him the go signal to make initial proposals to companies in the city.

“I’m supportive sa (Naga Valley) Industrial Park. I told them, develop that area, I’m willing to contribute. You spend but i-offset sa tax inyung mabayran,” the mayor said in reference to the 36-hectare industrial park which was inaugurated last October.

Chiong said once the new venture opens, it would create more job opportunities for the people of Naga.

“I’m given authority by the council to negotiate as to how we will work out, as to how to work out with giving tax incentives to the businesses here,” he said.

 “I’m hoping that after we pass our Business Incentive Code, modaghan ang negosyante sa Naga,” he added.

The city, a known industrial city in the south, is proud that a big chunk of its P600 million annual income comes from the business taxes generated from giant companies like the Kepco SPC, Apo Cement, Pryce Gas, FDR Con., and many others.   (FREEMAN)