DAVAO CITY—Mayor Sara Duterte and officials of Isla Lipana & Co. Inc. on Thursday signed a memorandum of agreement that will pave the way for the review of the Davao City Investment Incentive Code.
According to the agreement, Isla Lipana will act as a knowledge partner in updating the Investment Code by guiding the city government on the relevant information required in the study and process for evaluation and analysis.
Duterte said she is hopeful the guidance that Isla Lipana would would result in fruitful outcomes for Davao’s business sector.
“The investment guide was a great addition to the marketing collateral that we provide to our potential investors,” she said.
The mayor also added that the review and updating is vital, given that the city’s investment code was last updated five years ago.
“It has been five years since the Code was updated and with the changing economic landscape and the many development projects being implemented in the city, we need to keep up and adapt to the trends,” she said.
Lemuel Ortonio, chief of the Davao City Investment and Promotion Center (DCIPC), said the signing formalizes the partnership between the city and Isla Lipana, the Philippine member firm of renowned PricewaterhouseCoopers.
The review will include the updating of preferred investment areas in Davao City and investment incentives that will be offered to potential businesses.
Alexander B. Cabrera, Isla Lipana & Co. Inc. President and Senior Partner, met with Ortonio in February 2017 to discuss the company’s proposal for two projects in the city: Building Better VisMin Investment Guidebook and the Review of the Davao City Investment Incentive Code.
The review of the Davao City Investment Incentive Code is among the priority projects of DCIPC.
Isla Lipana & Co. Inc., a member firm of the UK-based Pricewaterhouse Cooper (PwC) global network, provides a variety of services such as audit and assurance, tax and advisory services within and outside the Philippines.
It is involved in various industries engaged in consumer and industrial products and services, financial services, technology, information, communications and entertainment, other services and emerging enterprises.
The Isla Lipana team consists of experienced professionals that include accountants, tax advisers, systems analysts, economists, human resources professionals, project development managers, industrial engineers, and investment advisors.
Duterte previously stressed the need to review the city’s Investment Code to spur investment and business climate. The review is expected to be completed by the end of the year or early next year.
“Isla Lipana has already done an initial review based on the documents submitted,” Ortonio said.