SP-IN mulls Tax Holiday

By Mizpah Grace Castro

  • As an incentive to lure big investors to do business here

LAOAG CITY, July 22–The Sangguniang Panglalawigan of Ilocos Norte (SP-IN) has planned to declare a tax holiday on real property for private companies and businesses which are going to invest in the province, Senior Provincial Board member Matthew Marcos Manotoc announced.

He said that the SP had been reviewing the provincial investment code, particularly the possibility of a tax holiday to serve as an incentive in attracting big businesses to come in and set up shop here so long as they would not affect our local industries or the smaller businesses.

In addition, he added that the provincial board intends to further integrate micro, small, and medium enterprises (MSMEs) into the investment code.

Manotoc mentioned a law on a percentage of bank loans offered to MSMEs. I’d like to check whether our lending institutions here in Ilocos are observing it, he said.

As chair of the SP Committee on Trade, Commerce, and Industry, he acknowledged that startup capital is among the biggest hurdles of small business owners.

He is hopeful that with more facilitation for MSMEs’ financing, more doors of opportunity will be opened with the support of the private sector, Manotoc added. – (Mizpah Grace Castro, PGIN-CMO)