Northern Samar introduces perks to attract more investors

Northern Samar map. INQUIRER FILES

TACLOBAN CITY — The provincial government of Northern Samar has introduced what it called a “strategic development blueprint” to attract more investors to the second-class province.

The move covers various economic sectors ranging from agriculture and fishery to tourist-related establishments like hotels and resorts and sports and recreational investments.

“This forward-looking initiative aims at long-term sustainability and productivity, aligning with the province’s commitment to responsible development,” a statement released by the provincial information office read.

“With this, Northern Samar is not just inviting businesses (but) is opening its arms to pioneers, innovators, and those ready to be part of a renaissance that will redefine the economic narrative of this growing province,” it added.

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As part of the campaign, those availing this scheme will receive perks like tax holidays, permit fee exemptions, and real property tax exemptions as provided under its revised local investment and incentive code.

Based on the information of the provincial economic development and investment promotions office, registered enterprises would receive tax exemption on gross receipts for at least two years but not more than five years.

The provincial government announced that its gross domestic product has reached 7.7% in 2022 or with an actual value of P44.34 billion based on the report of the Philippine Statistics Authority.

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“This noteworthy increase underscored the province’s robust economic performance amid prevailing economic challenges,” it said.

Increased production in key sectors like agriculture, fishery, and services, and higher consumer spending and other factors contributed to its local economic activity, it added.

Northern Samar, with a population of 639,186 and a poverty incidence of 19.3 percent based on the 2021 PSA survey, continues to depend on its national tax allotment share amounting to P1.58 billion with its local revenue at P710.57 million