Puerto Princesa City eyes investment in agri, fishery and tourism

PUERTO PRINCESA CITY, Palawan, March 5 (PIA) -- The local government of Puerto Princesa City has spelled out its preferred areas of investment in the New Puerto Princesa City Investment Code, encouraging investments in agriculture, fishery, forestry and tourism.

The code encourages local and foreign investors to establish productive, globally competitive, culture-sensitive and environmentally sound agro-industrial and eco-tourism industries providing incentives to qualified enterprises that would go into these areas.

Section 22 of the code says that business enterprises, which invest under the preferred areas of investment in agriculture, fishery, forestry and tourism-related projects may avail for a period of one year pertinent fiscal incentives and support measures, and which may be renewed yearly for not more than four years.

Fiscal incentives refer to business and real property taxes incentives based on a graduated scheme granted by the new code which ranges from 25 percent up to 100 percent, depending on the capitalization of the enterprise.

The investor may also benefit from non-fiscal incentives like assistance in securing permits and licenses, joint venture match-making and facilitating connections with local utilities.

The preferred areas of investment on agriculture, fishery, forestry sector include mariculture development – hatchery for marine species, seaweed processing and mariculture park; integrated agro-marine processing center; coconut by-products production; integrated feed mill; livestock and poultry; commercial hatchery operations – dairy farm, integrated beef cattle production, commercial meat processing; operations of cold chain process; and commercial plantation of fruits, fruit trees and vegetables.

While in tourism, the preferred areas of investment are primary enterprise – hotel, resort, tourist inn, pension, apartment hotel, and tourist transport; secondary enterprise includes spa, sports and recreational facilities, souvenir shops; and other tourism-related facilities which are ecotourism and agri-tourism facilities other than accommodation, resort facilities, theme parks, marina, medical tourism facilities, hospitals, tourism estates and tourism economic zones, convention centers and cultural facilities. (TBO/VSM-PIA4B Palawan)