City Council amends Local Investments Incentive Code to boost economic development

IN a move to stimulate economic development and cater to the evolving needs of the local business community, the 20th City Council, in its regular session on Monday, has enacted an ordinance amending Ordinance No. 13418-2018, also known as the "City of Cagayan de Oro Local Investments and Incentive Code of 2018."

This, after the Local Incentives and Investment Board (LIIB) recommended the amendment of pertinent provisions of the said ordinance to better serve the city government’s economic development objectives and to respond to the evolving needs of the local business community.

The newly amended ordinance includes revisions to sections 1, 3, 4, 5, 7, 9, 10, 11, 13, 19, 20, 25, 31, 33, 35, and 36. These changes are designed to enhance the investment climate of Cagayan de Oro, ensuring the city remains competitive and attractive to both local and foreign investors.

The legislation was certified urgent by City Mayor Rolando A. Uy and unanimously approved by the City Council.