Davao’s local economy gets another boost with the approval of two big projects application for local tax incentives by the Davao City Investment Incentive Board (DCIIB)

Davao’s local economy gets another boost with the approval of two big projects application for local tax incentives by the Davao City Investment Incentive Board (DCIIB) during its 2nd regular meeting held last August 14, 2020 via Zoom online meeting.

First to secure approval was CHMI Hotel and Residences, Inc. for their Acacia Hotel project under the Tourism and Recreational Facilities. The Hotel is located at J.P. Laurel Avenue, Bajada, Brgy. W. Aquino, Agdao District, Davao City. It has 11 floors with 260 guestrooms, 9 function rooms, and 4 restaurant outlets.  The operations of the hotel will fortify the position of Davao City as a MICE destination. 

Finally, the application of Green Solutions Integrated Industries, Inc. project located at Sitio Sto. Nino, Brgy. Binugao, Toril, Davao City, which involves the production of plastic film bags for packaging of food and beverages intended to preserve the products quality. The project is considered a breakthrough as it is the only 7-layer Blown Film Plant in the city and the entire Mindanao. 

Both projects are now entitled to the local incentives offered by the local government of Davao which include 3-year exemption from the payment of business sales tax and a 2-year exemption from the payment of real property tax. 

These projects are a testament of the two companies’ strong faith in the city’s resilience that even despite the pandemic, they still pursued with their plans. 

The Davao City Investment Promotion Center serves as the Technical Secretariat to the Davao City Investment Incentive Board.