To attract more investment into the city, the Masbate Investment and Incentive Code of 2007 was passed and approved in accordance with the vision for a “Vibrant Masbate City by 2020: the Country’s Marine Sanctuary”. This ordinance aims to encourage investments, expansion and diversification that will provide services, employment opportunities, generate income, raise the living standards, maintain and enhance the socio-ecological balance that will provide an equitable distribution of wealth in the City of Masbate.
Under the City Mayor, the Investment Promotion and Assistance Center is created to serve as a body that implements the local investment policies. It serves as the one-stop shop action center of the City Government in planning and implementing investment promotion activities on the locality.
Priority Investment Areas
Priority shall be given but not limited to such business enterprises/establisments:
- Agriculture, aqua and forestry-based industries
- Basic industries (fertilizer and solid waste materials)
- Consumer Manufactures
Registered enterprise shall be granted the following fiscal incentives:
- The exemption/s from Business Tax on Gross Sales or Receipts should be based on the capitalization:
- Exemption from the payment of Mayor’s Permit Fee for new enterprises for a period of 1 year;
- Exemption from Amusement Tax for amusement/tourism-related activities for 1 year;
- Exemption from annual fixed tax for delivery truck or van for 3 years on industries engaged in manufacturing/production.
The City Government of Masbate, through the Masbate City Investment Incentive Board, shall:
- Provide comprehensive information to prospective investors about the economic priorities of the City Government;
- Formulate investment evaluation criteria and procedures;
- Take fullest possible account of the need of the investors for stability, growth and profit in their operations;
- Not interfere or modify any arrangement with the investors after the approval of investment project implementation, unless the law provides otherwise;
- Avoid undue distortion of completion between or among enterprises operating within the City jurisdiction when granting special exemptions or incentives;
- When no local personnel available or capable, the City will allow the employment of qualified foreign personnel for the enterprise’s operations;
- Resolve all doubts concerning the granted benefits and incentives.
Qualification of New Enterprises:
- Must complied with all the requirements mandated under existing local and national laws and the Constitution;
- The prospective investment/expansion must be in the list of Priority Investment Areas;
- The prospective investor’s place of operation shall be located within Masbate City;
- Must have a capitalization of at least One Million Pesos (Php 1,000,000.00) and will provide at least 75% labor force that are bona fide residents of Masbate City.
- Php 1, 000.00 filing fee
- Three (3) copies of accomplished application forms to be provided for by the Board
- A copy of Project Study of the proposed investment
- Copies of the Articles and By-Laws approved by and must be registered on SEC, CDA, DTI, and BOI
- Certified true copy of its Certificate of Registration issued by the CDA, SEC, BOI, and DTI
- Resolution of the applicant’s Board of Directors authorizing the filing of the application