Radaza: Lapu-Lapu lacks investment code

CEBU, Philippines - The city government of Lapu-Lapu awarded its top taxpayers last Friday evening, encouraging business groups to help the city formulate rules to attract more investors.

Mayor Paz Radaza emphasized that the city "lacks an investment code" that will help sustain the investors' confidence.

"What we lack is an investment code. As we all know, an investment code is a set of local government rules. It includes well-defined ordinances that govern the running of businesses in the city," Radaza said.

Representatives of 25  companies that paid the highest taxes last 2014 graced the awarding ceremony in Hoopsdome, Barangay Gun-ob.

Radaza thanked the taxpayers and asked for their support in creating an investment code that can help the city achieve higher economic growth.

"If there is a new challenge that my administration needs to address, it is how to sustain investors' confidence. Our city competitiveness ranking needs improvement," she said.

She urged the City Council to prioritize the crafting of an investment code together with the business owners.

"Please take time to sit down with the city government, so that together we can craft an investment code that is attractive to new investments," Radaza said.

Radaza pointed out that the investment code will lay down guidelines on starting a business in the city, set tax holidays and tax rates, among others.

The General Milling Corporation was proclaimed  as this year's top taxpayer while Shangri-La's Mactan Resort and Spa received the Datu Lapu-Lapu Award for consistently paying the biggest taxes every year.

The other awardees, in descending order, were: Lear Automotive (EEDS) Phils Inc. Taiyo Yuden (Phils) Corp; JPark Island Resort and Waterpark Cebu; Fairchild Semiconductor (Philippines Hongkong, Muramoto Audio Visual Phils. Inc.; Funai Electric Cebu Inc.; Far East Noble House Inc. (Gaisano Grand Mall Mactan); Prohomes Development Inc.; Plantation Bay Resort and Spa.

Also awarded were: the MSY Holdings Inc./Bayswater Homes; Manny O Group; Seascapes Resort Inc.;    Taipan Exports Manufacturing Inc.; TMX Philippines, Inc.; 8890 Housing Development Corporation (Developer of Deca Homes); Waterfront Airport Hotel and Casino Inc.; Filinvest Land Inc./Filinvest Group of Companies; East Asia Utilities Inc.;

Jollibee/Freemont Food Corp., Philippine Lino Corp.; Yamashin Cebu Filter Manufacturing Corp.; Draka Phils Inc.; NKC Manufacturing Philippines Corp.; and Cebu Light Industrial Park.

Radaza said the city embraced a brand to attract more tourists and investors.

"Our city brand reflects a contemporary yet confident and vibrant city steeped in history and heritage," she said.

Last year, the city launched itself as the "historic resort city."

Radaza also cited the city's accomplishments in revenue collection and infrastructure.

From 2010 to 2014, real property tax collection grew from P60.7 million to P148 million while business tax collection rose from P303 million to P488 million, she said.

Radaza said the city had 12,000 businesses in 2014 from 7,000 in 2010.

The city also received an award from the Bureau of Local Government Finance for having the highest growth rate in locally-sourced income in recent years among 16 cities in Central Visayas.

The mayor added that the city government has spent P204 million in infrastructure projects since last year.

She stated 70 percent of the city's 97-kilometer roads have been concreted and six kilometers of drainage lines have been built. (FREEMAN)