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Investors pour P4.7B in Lapu-lapu City, Mactan Cebu
Business' plan for Mactan
Cebu Trans-axial project now with Eco Enterprise Council
Cebu North coastal road may cost P2.3B
Cebu now top choice for BPO expansion
Becoming a Real Estate Salesman in the Philippines
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Effects of RA 9679 on OFW Pag-IBIG members
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Investors pour P4.7B in Lapu-lapu City, Mactan Cebu

Investors pour P4.7B in Lapu-lapu City, Mactan Cebu
 

LAPU-LAPU CITY, Philippines - About P4.7 billion was invested by 15 real estate companies to develop hotels, resorts and subdivisions in Lapu-Lapu City as of the first quarter of 2008.

City Administrator Teodulo Ybañez said Lapu-Lapu projects a business-friendly environment with competitive business taxes, licenses and fees, which are lower than its neighboring cities – Cebu and Mandaue.

Filinvest is developing the P25-million Seascape Subdivision in Barangay (village) Mactan and Aldea Del Sol Subdivision in Barangay Maribago.

The Robinsons Land is developing the P533-million phase 1 of the integrated resort and condominium, Amisa, while investment for the Blue Coast Residences is pegged at P12 million.

Both development projects are located in Barangay Punta Engaño.

Clavall Properties, the developer of Shangri-La Mactan Island Resort and Spa, will expand the resort with an estimated cost of P1.3 billion.

Other developments include Gaisano Grand Mall of Mactan in barangay Basak (P134 million), Microtel Hotel in barangay Punta Engaño (P65 million) and Mactan Oceantown Information Technology Park and Commercial Complex in Barangay Maribago (P57 million).

Lapu-Lapu City ranked second among 21 cities in the country, where entrepreneurs can easily start a business.

Ybañez said they have not increased business taxes from 1992 to 2007 despite being proclaimed as a highly urbanized city last year.

It was only recently that the City Council approved an ordinance which proposed a two to five percent increase in business taxes, according to city treasurer Elenita Catag-Catag.

But she said that the increase is only applicable to companies with gross sales and receipts of P2 million.

Michael Dignos of the City Attorney's Office said these investments bring Lapu-Lapu City closer to becoming an international gateway for business and tourism by 2020 as indicated in the Mactan Island Integrated Development Plan.

Dignos said the results of the survey — Doing Business in the Philippines — indicate that Lapu-Lapu City continues to attract investments from big companies, which directly deal with the local government.

The survey was conducted by the International Finance Corp., the private arm of the World Bank, and the Asian Institute of Management Policy Center.

"The survey was undertaken without the knowledge of the city government. It was done with stakeholders," Dignos said.

Ybañez said the study's results were proof of the government's good transaction records with businessmen.

He said the survey presents "objective findings as opposed to subjective, unfair findings we have encountered a few months back."

"It serves as an inspiration to do better because the survey provides us with knowledge on where we failed so that we can improve it. It also points out best practices of other cities which we can emulate," he said.

By Cris Evert Lato
Cebu Daily News
First Posted 12:52:00 06/04/2008
 

Courtesy From: Land Asia Institute Philippines


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