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PIA Press Release

Awarding of top three business enterprises highlights 60th Adlaw sa Iligan

by Lorry V. Gabule

Iligan City (21 June) -- Mayor Lawrence Ll. Cruz of Iligan led the awarding of Investment Incentive Certificates to the three (3) top business enterprises in Iligan.

On its 60th Charter Day celebration on June 16, held at the City Freedom Park, the Iligan Investment Board gave out incentives to people or enterprises who invest in Iligan City.

These enterprises believed that Iliganons have the purchasing power to buy their products. Also, they believed that the Iliganons have the expertise to operate their manufacturing plant. And they believed that doing business in Iligan is profitable.

Thus, these enterprises passed the requirements for the availment of investment incentives include: the World Wide Gourmet, Incorporated, who operates McDonald's Iligan; the Kowloon Bay Food Corporation, who operates Chowking Tibanga; and, the Mabuhay Vinyl Corporation, for their expansion and diversification project which started operation on August 2008.

Executive Director Rolando Cuizon of the Iligan Investment Promotions Center said that in accordance with the provisions of the City Ordinance No. 4924, series of 2006 otherwise known as "The Revised Iligan City Investment Incentives and Promotions Code," the corresponding awardees shall avail the following conditions:

That the business entity is granted exemption from payment of the Basic Real Property Tax and Business Tax on Gross Sales/Receipts for a period of six years starting 2010 up to 2015.

That during the above mentioned period, this business entity must pay the Special Education Fund and that failure to do so tantamount to revocation of this registration and incentives.

That during every end of the year of the above mentioned period, this business entity must share to the Special Development Fund of the Board an amount equivalent to one tenth (1/10) of one percent (1%) of the incentives availed.

The event also cited among others Iligan's Top 60 Taxpayers and First 10 Taxpayers, cognizant to the 60th Adlaw sa Iligan celebration, giving them Plaque of Recognition. (PIA LDN) [top]

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