Investments Code Rules up for Refinement
May 2, 2015
BAGUIO CITY – The city council on Monday sought the refinement of the implementing rules and regulations (IRR) of the Baguio City Investments and Incentives Code before these can be approved and implemented.
The body returned the proposed IRR to its committee on market under Councilor Elaine Sembrano to work with the technical working group in incorporating the amendments suggested by the aldermen during the deliberations.
Councilor Betty Lourdes Tabanda noted the need to specify the extent of the power of the incentives board so it will not conflict with or bypass the authority of the city government. She said the delineation of the authority must be clear.
The body also suggested the inclusion of the provision that the preferred investments areas identified will be submitted to the city council for approval along with the investments priority plan.
A review of the membership of the incentives board was also recommended to possibly include the heads of the council committees on tourism and livelihood and other concerned offices.
City budget officer, member of the TWG that drafted the IRR said the IRR was based on inputs from the stakeholders and are within the scope of the investments code or Ordinance No. 71 series of 2012.
First approved in 2008 and later refined in 2012, the ordinance aims to boost the city’s program to attract investors and to provide incentives to industries contributing to the city’s economic development through the implementation of an investment priorities plan where the city will employ a registration system to ensure that the business would be “economically, technically and financially viable.”
Under the measure, incentives will also be provided to new businesses, expansion and diversification projects for investments proposed in the following enterprises: employment generating; manufacturing using indigenous materials; electronic; tourism-oriented; pioneering; service-oriented; water and power resource development; telecommunication development; agribusiness; educational; low-cost mass housing development; information technology; business outsourcing; energy generating and waste management; marketing advertising and public relations; and enterprises to be established in identified growth centers.
To implement the regulatory provisions of the code, the city will set up its own Baguio City Investment and Incentive Board.
The IRR for the code were formulated by the TWG and adopted through the city mayor’s administrative order issued last year. The IRR were later submitted to the city council for approval./A Refuerzo