Surigao Norte gears up for investment exploration
By Susil
Ragas
SURIGAO
CITY, Surigao del Norte (PIA) – The Department of Trade and Industry (DTI) in
Surigao del Norte and the Board of Investments (BOI) conducted a three-day
investment exploration in the province of Surigao del Norte from April 2 to 4.
The
significant activity highlighted a roundtable discussion on energy and
conservation projects (EECP) and other projects under the Strategic Investment
Priority Plan (SIPP) with stakeholders from various sectors, including mining
companies, private schools and hospitals, and local government units.
According
to DTI Provincial Director Arnold Faelnar, the activity identified and promoted
investment opportunities and locating potential ones, particularly in priority
sectors such as energy efficiency and conservation projects, renewable energy,
and other projects eligible for Board of Investment Registration.
The
director said, “The significant gathering updated and validated the information
on stakeholders involvement in green metals,to assess ready for occupancy
areas, and to attract more investments in the province for economic growth and
development.”
Faelnar
further said that part of the investment exploration was a consultative meeting
with the Mines and Geosciences Bureau in Caraga Region to ensure accuracy and
to verify data on mining companies and their community projects.
A roundtable discussion recently took place between the Department of
Trade and Industry and the Board of Investments (BOI) to discuss the
potential investments in the province of Surigao del Norte as anchored
on the Strategic Investment Priority Plan (SIPP), which provides
incentives to investors such as income tax holidays (ITH), enhanced
deductions (EH), and a preferential five percent corporate income tax
rate (CIT) that will motivate them to venture and invest in the
province. Photo courtesy of DTI-SDN.
The
investment exploration team identified and visited the municipalities of Claver
and Tagana-an, as they are hosting several mining firms in the province,
including Barangay Hayanggabon in Claver, to assess the readiness of the
reclamation area, which is also identified as an industrial zone and a
potential site for investors.
With
SIPP, launched in 2022, investing in the country became more friendly as it
extended the tax incentives for investments in numerous fields, such as income
tax holidays (ITH), enhanced deductions (EH), and a preferential five percent
corporate income tax rate (CIT).
The Board
of Investment, on the other hand, is tasked withassisting Filipino and foreign
investors to venture and prosper economically and provides tax breaks and other
incentives to registered entities that engage in activities identified as
investment priorities or those that promote the general economic development of
the country.
Those companies that are registered with the BOI may now enjoy the income tax holidays for three to eight years, exemption from local business taxes for a period of four to six years, equity investments in Philippine corporations, simplified customs procedures, simplified employment for foreign nationals and expats, exemptions from wharf dues, tax credits, and tax exemptions on breeding stocks and agricultural produce. (SDR/PIA-Surigao del Norte with a report from DTI-Surigao del Norte)
