More capitalists eyeing Naga as investment hub

CEBU, Philippines - Some local and foreign investors are now taking a second look at Naga City, one of the first class cities of Cebu, as the new investment destination in the south, according to Mayor Valdemar Chiong. 

Chiong said at least 15 big investors plan to put up business in the city.

Since it became a new component city of Cebu in 2007, Naga has also received national recognition from the Federation of the Philippines Industries Inc. (FPI) for Mayor Valdemar Chiong’s zero-waste programs. 

Chiong said the investors are comfortable to invest in the city because the city has received the most coveted Seal of Good Housekeeping due to the city’s good governance in the fields of social services, economic development programs and environmental protection and preservation. 

The city has a power plant that sits on a 30-hectare property in barangay Colon, Naga, the APO Cement Plant in Tina-an, which is recognized worldwide, and the KYOCERA Kinseki Philippines Incorporated in Cantao-an produces high quality semi-conductors and crystals for use in mobile phone equipment.

The SME (Small Medium Enterprise) industrial park, which is located also in Cantao-an houses a variety of medium sized companies, the Rikio, RSA (Rikio Southeast Asia) produces shoes in barangay Inayagan, and the Manila Sawmill (lumber) in barangay Langtad.

Chiong said the city already has an increased Internal Revenue Allotment (IRA) that covers the city’s P535-million 2012 annual budget.

The 2012 annual budget estimates a total of P227.8 million in local tax revenues broken down to P64 million in business and licenses, P3 million in community tax, P5 million in franchise tax, P150 million in real property tax (basic), P750,000 in sand and gravel, and P5 million in other taxes.

For the local non-tax revenue, the total is P64.3 million broken down to P350,000 in weights and measures, P15 million in permit fees, P5 million in registration fees, P10 million in other permit and fees, P5 million in clearance and certification fees, P15 million in garbage fees, P2 million in medical and dental laboratory fees, P5 million in rent/lease income, P5 million in other business and service income, P1 million in fines and penalties-business income and P1 million in interest income.

Chiong said the city’s IRA is expected to reach P242.011 million this year, excluding P500,000 as its share from national wealth, and P300,000 from the Philippine Amusement and Gaming Corp. and the Philippine Charity Sweepstakes Office.