Parañaque creates sp’l investment district

In an effort to encourage the business sector to invest in Parañaque City, Mayor Florencio Bernabe and the Sangguniang Panlungsod have created a special investment district (SID) in the locality.

The move is expected to attract local and foreign businessmen who will be able to enjoy various benefits and privileges by simply locating in the 820-hectare location.

Bernabe, who recently signed an ordinance creating the SID, said the new investment haven in Parañaque lies west of Roxas Boulevard and Coastal Road.

The local law allows the grant of tax holidays and other incentives that is expected to accelerate growth  and development as well as provide meaningful employment and livelihood opportunities in the area.

It was principally authored by 12 Parañaque councilors led by Norberto Bonsol, Giovanni Esplana, Jose Enrico Golez, Florante Romey Jr., Florencia Amurao, Edwin Benzon, Conchita Bustamante, Valmar Sotto, Raquel Gabriel, Jaime Delos Santos, and Joan Villafuerte Dansing.

Councilors Carlito Intipuesto, Jason Webb, Eric Olivarez, Rufino Allanigue, and Vanessa Marquez, and Liga ng mga Barangay president Clemente Advincula co-sponsored the ordinance.

Bernabe said the area covers five barangays which is now being groomed to grow much like Makati City’s Central Business District (CBD) with world class commerce and tourism facilities.

He noted that among the other benefits for enterprise locators are for businesses with more than P1 billion of capital expenditures to pay only two percent of gross income earned for a period of not more than five years.

Parañaque’s SID includes the so-called Entertainment City, an integrated urban development area which will have international-standard hotels, theaters and recreational facilities, and the newly created Bird Sanctuary, a major bio-tourism attraction.