IN a bid to attract more investors into the city of Baguio, the Local Investment and Incentives Board is attempting a few amendments to the city’s local investment and incentives code.
City Budget Officer Leticia O. Clemente stated that the proposed amendment to the code will help in providing easier ways by which prospective investors can do business with the local government.
In particular, the city’s local economic development and investment promotion (LEDIP) unit is eyeing a potential five-year upgrade in the tax privileges offered to investors in the city.
Currently, the city is providing tax privileges for business and real property taxes for five years on a graduated basis to investors.
With the new proposed amendments, the city would offer investors business and real property tax exemptions for five years.
Earlier, the Department of the Interior and Local Government (DILG) issued Memorandum Circular (MC) No. 2020-167 on the promotion of LEDIP and the establishment of LEDIP offices or units in all provinces, cities, and municipalities.
