By Sam Ramos
The Zamboanga City Investment Incentives Board convened on November 20 to finalize proposed revisions to the city’s investment incentive code and address key investment priorities. The meeting, led by Councilor Vino Guingona, Chairperson of the City Council Committee on Trade, Investment, and Industry, aimed to align the code with evolving economic trends and challenges.
During the session, Raisa Fernandez, Chief of the Local Economic Development and Investment Promotion Services Division (LEDIPS), presented the office’s 2024 accomplishments. She highlighted Zamboanga’s participation in trade fairs and expos, as well as collaborative projects and events aimed at boosting the city’s economic profile.
Fernandez also reported ongoing efforts to attract investors, emphasizing the need to pursue industries that can address critical local issues. Councilor Guingona echoed this sentiment, urging the board to prioritize investments in sectors such as renewable energy, logistics, waste management, and water processing.
“Let us focus on investors that offer products and services that are not yet available here, such as renewable energy to solve our power problem,” Guingona said, with other board members agreeing on the need for targeted solutions to the city’s challenges.
In line with these priorities, the board approved fiscal incentives for two new applicants under City Ordinance No. 259, as amended by Ordinance No. 312. Allied Corrugated Corporation and SM City of Zamboanga were granted incentives to facilitate their contributions to the city’s economy.
The revised investment code aims to create a more investor-friendly environment by streamlining processes and providing competitive incentives. The updated framework is expected to encourage more businesses to set up operations in Zamboanga, fostering economic growth and job creation in the region.
The initiative underscores the city’s commitment to fostering sustainable development by attracting industries that address local needs and contribute to long-term economic resilience. The finalized proposal will be submitted to the City Council for approval.