Ilocos Norte board mulls tax holiday for new investors; MSME fusion

Laoag City—The Ilocos Norte Sangguniang Panlalawigan is considering a tax holiday on real property tax for companies or businesses looking to invest in the province, Senior SP member Matthew Joseph M. Manotoc said.

He shared that the SP is reviewing the provincial investment code, particularly the possibility of a tax holiday.

“Just to incentivize yung mga big business to come in and set up shop sa atin—so long as we know that hindi nila [maapektuhan] ang local industries, or yung smaller businesses. Ayaw nating i-take yung market nila,” he said of agriculture, small manufacturers, and handicrafts. “With these big businesses, we want them to come in, pero we want yung tamang negosyo—hindi kahit sino lang.”

They would lean towards companies bringing to Ilocos Norte a high number of quality local jobs.

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

Mr. Manotoc mentioned a law on a percentage of bank loans going to MSMEs, “So, gusto ko lang mag-inquire kung ini-implement ba ‘yan? Pina-practice ba ng mga bangko natin? I’d like to check whether our lending institutions here in Ilocos are observing that.”

As chair of the board’s committee on trade, commerce, and industry, he acknowledges that startup capital is among the biggest hurdles of small business owners.

He is hopeful that with more facilitation for MSMEs’ financing, plenty doors of opportunity will be opened.

“Kailangan ding may support ng private sector, kasi siyempre, limited din yung budget natin sa gobyerno,” Mr. Manotoc added. (Mizpah Grace Castro)

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