CABANATUAN CITY – The city government here is running out of time to pass an investment incentive code eyed to jumpstart the local economy, officials said on Monday.
Councilors Nero Mercado ang Ariel Severino, chair and vice chair of the Sangguniang Panlungsod’s Ways and Means Committee, said the code was first tackled in 2005 and remains to be under public hearing.
“We are running out of time,” said Severino.
Pedro Bandong Jr., Trade and Industry Development Specialist of the Department of Trade and Industry (DTI) in Nueva Ecija, said every local government unit must come up with a Investment Incentive Code (IIC) in line with the program of the national government.
The national government, according to Bandong has its Code “but the LGUs’ initiatives are vital.”
Vicky Gaetos, Central Luzon governor of the Philippine Chamber of Commerce and Industry, said the Code was indeed essential in promoting jobs and business. But, she said, “the government should see to it that small businesses in the area are given ample protection.”
She also noted that small investors “will be caught unprotected” with the threats posed by the entry of big companies.
Gaetos urged local investors to participate in the meetings called for the formulation of the Code.
Mercado said the Code is being designed to uplift employment and industry, particularly the agri-business sector. “This is both for the big and small businesses,” Mercado said.
The DTI noted that some LGUs in Nueva Ecija, including the Science City of Munoz, have already passed an IIC.
Councilors Nero Mercado ang Ariel Severino, chair and vice chair of the Sangguniang Panlungsod’s Ways and Means Committee, said the code was first tackled in 2005 and remains to be under public hearing.
“We are running out of time,” said Severino.
Pedro Bandong Jr., Trade and Industry Development Specialist of the Department of Trade and Industry (DTI) in Nueva Ecija, said every local government unit must come up with a Investment Incentive Code (IIC) in line with the program of the national government.
The national government, according to Bandong has its Code “but the LGUs’ initiatives are vital.”
Vicky Gaetos, Central Luzon governor of the Philippine Chamber of Commerce and Industry, said the Code was indeed essential in promoting jobs and business. But, she said, “the government should see to it that small businesses in the area are given ample protection.”
She also noted that small investors “will be caught unprotected” with the threats posed by the entry of big companies.
Gaetos urged local investors to participate in the meetings called for the formulation of the Code.
Mercado said the Code is being designed to uplift employment and industry, particularly the agri-business sector. “This is both for the big and small businesses,” Mercado said.
The DTI noted that some LGUs in Nueva Ecija, including the Science City of Munoz, have already passed an IIC.
