Cagayan de Oro, 21 July 2023 - The Oro-TIPC has taken a significant step towards bolstering the investment climate in the region by reaching out to the Board of Investment - Cagayan de Oro. The aim of this collaborative effort is to provide the Local Investment and Incentives Board (LIIB) with up-to-date information on national policies that have an impact on the investment landscape. Two key agenda items, Republic Act No. 11534 or the "Corporate Recovery and Tax Incentives for Enterprises Act," and the Strategic Investment Priority Plan (SIPP), will be at the forefront of the discussions.
Leading the discourse as the esteemed resource speaker will be Ms. Lourdes Ellen Kionisala, the Chief Investment Specialist of the Board of Investments - Cagayan de Oro Extension Office. With her wealth of knowledge and experience in investment matters, Ms. Kionisala is poised to shed light on the intricacies of the aforementioned policies and plans. The insights shared during the session are expected to provide valuable context as the Board reviews the Local Investment and Incentives Code of 2018 (LIIC 2018).
Republic Act No. 11534, popularly known as the "Corporate Recovery and Tax Incentives for Enterprises Act," was enacted with the aim of spurring economic growth and encouraging investment amid the challenges brought on by the global economic landscape. Understanding the provisions of this Act is crucial for the Local Investment and Incentives Board as they deliberate on fiscal incentives for businesses in the region. Ms. Kionisala's expertise will be instrumental in clarifying the Act's implications and its potential benefits for investors operating in Cagayan de Oro.
Furthermore, the Strategic Investment Priority Plan (SIPP) is a roadmap that outlines priority areas for investment across various sectors. This plan is pivotal in guiding investment decisions and resource allocation to maximize economic potential while addressing specific development goals. Having insights into the SIPP will allow the LIIB to align local investment priorities with the broader national agenda, ensuring a synchronized approach to investment promotion.
Oro-TIPC's collaboration with the Board of Investment - Cagayan de Oro is essential in empowering local authorities to make well-informed decisions that will enhance the region's investment climate. By equipping the Local Investment and Incentives Board with relevant updates on national policies, Ms. Kionisala's expertise will facilitate a more robust discussion on local fiscal incentives and investment priority areas. This comprehensive review of the LIIC 2018 will enable the Board to fine-tune their strategies and create an attractive environment for investors, thereby contributing to the region's economic growth and prosperity.
As the partnership between Oro-TIPC and the Board of Investment - Cagayan de Oro takes flight, it marks a positive turning point in the region's journey towards becoming a favored investment destination. With a well-informed and proactive approach, Cagayan de Oro is set to unlock its full potential and pave the way for sustainable development and prosperity for all its stakeholders.
