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WHY INVEST IN
ORIENTAL MINDORO
INVESTMENTS
Private investments
play an important role in the process of Oriental Mindoro’s economic
development. It contributes to the generation of employment,
transfer of technology, inward flow of capital and a steady source
of much needed government revenues in the form of taxes, licenses
and fees.
In 2005, new
companies registered with the Department of Trade and Industry
totaled 1,095 with a combined capitalization of P237.58 million.
The bulk of investments goes to the trading, services and tourism
sectors, accounting for 90% of the total investments. These
investments generated 2,494 new jobs and gradually changed the
employment structure from purely agriculture-based to an additional
mix of manufacturing, trade, services and tourism employment.
INDUSTRIES
The thrust of the
current administration is to provide employment opportunities for
the huge labor force which is about 50% of the total population.
Thus, the government initiated and encouraged the development of
micro, small and medium enterprises (MSMEs) that are labor
intensive.
To encourage such
development, the government launched in 2006, the One-Town,
One-Product (OTOP) Program in the 14 municipalities and one city of
the province.
Governor Arnan C.
Panaligan believes that developing and promoting products and
services through the OTOP will help boost MSMEs at the local level
that will, in turn, generate livelihood and employment and stimulate
local economic activities.
PRIORITY
INDUSTRIES AND INVESTMENT AREAS
A
Labor Generating
Enterprises
B
Enterprises to be
established in identified growth sub-centers in the province in
accordance with the approved Provincial Physical Framework Plan
C
Manufacturing
Enterprises preferably using indigenous materials
D
Electronic
Enterprises
E
Tourism-oriented
Enterprises
F
Pioneering
Enterprises
G
Service-oriented
Enterprises
H
Water and Power
Resources Development Enterprises
I
Telecommunication
Development Enterprises
J
Agri-Business Enterprises
INCENTIVES TO
REGISTERED AND EXISTING ENTERPRISES*
(All
registered enterprises with a capitalization of not less than Php5 M
and any existing enterprises with a total capitalization of not less
than Php5 M after infusing additional investment)
A.
Full exemption from
payments of permits such as Mayor’s permit, business, building,
sanitary, occupancy and locational clearance for three years;
B.
Exemption from
payment of Business Tax for a period of three years;
C.
Exemption from
payment of Real Property Tax for three years;
D.
Exemption from tax
on transfer of Real Property ownership for three years;
E.
Exemption from
Franchise Tax for two years;
F.
Exemption from
Amusement Tax for two years;
G.
Exemption from Land
Tax for fifteen (15) years for Commercial Tree Plantation;
H.
Exemption from Land
Tax for ten (10) years for Fruit Bearing Tree Plantation.
*Per
Provincial Ordinance No. 002-2004
Ordinance
Enacting Provincial Investment Code of Oriental Mindoro
Invest
in Oriental Mindoro and be a partner in promoting the progress and
development of the province.
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