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New perks eyed to attract investments
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Posted on Apr 18 2001
The government has been urged to cook up better incentive packages other than tax breaks to encourage increased business activities in the Northern Marianas, in light of gloomy economic projections.
Commonwealth Development Authority chair Juan S. Tenorio suggested that the government share some of the costs in infrastructure like sewer or power supply sources with new investors instead of the developer paying for everything.
Mr. Tenorio said the need to institute an attractive incentives package to particular investments is inevitable, but added that giving them tax breaks should not be on top of the priorities.
He said there are certain investments that may be given incentives like the government shouldering a portion of the total costs in the construction of sewer lines. “That would be an incentive better than tax breaks.”
Government officials are also fast-tracking the establishment of the Commonwealth’s own Free Trade Zones that will be patterned after the Philippines’ export processing zones.
Officials said the plan will have a multiplier effect on the economy of the Northern Marianas since this will mean more job opportunities for local people.
