City grants tax exemption to new P60M investment
The Bacolod City Local Investment Board awarded a Certificate of Exemption to Bacolod Big Joc Realty and Management Corporation for their P60 million (preferred investments) East View Hotel and Blue Grass Café, Bar and Grill, located at the corners of Pag-asa and the circumferential road, Brgy. Villamonte, Bacolod City.
The certificate was awarded recently after the ceremonial signing between the city represented by Mayor Evelio “Bing” Leonardia and the owner of Bacolod Big Joc Realty and Management Corp. Johnny Chua.
Leonardia said this is another concrete proof how business-friendly Bacolod City is, and also an indication of the economic boom in Bacolod.
He also said he is thankful for this P60 million- investment that can evolve into employment generation for about 200 Bacoleños.
Mr. Johnny Chua who is a true-blooded Bacolodnon, said that instead of putting business in other place, why not here — to promote and create jobs and help the economy of Bacolod.
Bacolod Business Development and Promotion Center Head Ardis A. Jaculina said that the hotel and restaurant is entitled to a business tax holiday for five years and other charges imposed by the governing city ordinance will also be waived for the same period.
The exemption was granted under the Bacolod City Local Investment Code, created by City Ordinance No. 207 as amended by City Ordinance No. 323, Series of 2002.
