Low tax rate lures investors to Mandaue

CEBU, Philippines – Due to the lower tax rate imposed by the Mandaue City government, investors are now eyeing to invest in Mandaue and in the neighboring towns in the area, said Mandaue Chamber of Commerce and Industry president Eric Mendoza.

Mendoza said that in a couple of years, at least four big shopping malls, including hotels will be opened in Mandaue City, pushing the City's administration led by Mayor Jonas Cortes to re-brand the city from an industrial hub of the province, to making it as a full-blown investment commercial hub in Cebu province.

Mendoza, who was also appointed as in-charged of the newly created Mandaue Investment Board, together with Filipino-Chinese Chamber of Commerce and Industry (FCCCI) president Felomino Lim and banker Prudencio Gesta, will work together with the Mandaue City local government to push investments and make Mandaue the new commercial hub in the province.  

In fact, 54 businessmen will join the Mandaue City executives on a trade mission to China, this coming September 4 to 9 (2010) during the Shanghai World Expo, which carries the theme "Better City, Better Life."

According to Mendoza, MCCI, together with other business organizations will work together to help strengthen economic performance in Mandaue City, specifically that the LGU is open to working closely with the private sector.

Mendoza said the business sector will seriously help the City in its stance to strengthen campaign in attracting investments and business opportunities by improving critical areas such as solid waste management, peace and order situation and traffic management.

Now that Mandaue is gaining popularity as an alternative commercial hub in the province, Mendoza said the private sector will help the City government to implement ef-fective urban planning and investment-friendly policies.

Mandaue has already succeeded in attracting investments via its effective low tax rate policy.

"What is good is that the LGU in Mandaue has listened to the private sector. It's good that they [LGU] build numbers, not in rate. Now, the number of new business regis-trants and renewals has surged significantly," Mendoza said.

Even without an economic zone area, Mandaue has been able to attract investments from diverse industries, specifically shopping malls, services, and even buildings de-signed for Business Process Outsourcing (BPO).

The new shopping malls that will be opened in Mandaue City include; the expansion of Super Metro, the wholesale S&R shopping facility, the establishment of Gaisano Grand, and the G-Mall operated by exporter Justin Uy.

The private sector will also extend their help to the City in updating its urban planning master-plan that will involve widening or roads, and zoning strategies.

"We will be actively involved in the City's urban planning," Mendoza said. (FREEMAN)