DANN mRepublic of the Philippines

Y A. PROVINCE OF MASBATE
FUNEL CITY OF MASBATE
AS Tel # (056) 333-28-69
City Hall Compound, Masbate City | sp.secretariat@cityofmasbate.gov.ph
Secret
ary to OFFICE OF THE SANGGUNIANG PANLUNGSOD
the EXCERPTS FROM THE MINUTES OF THE 23RD REGULAR SESSION OF THE 8 TH SANGGUNIANG PANLUNGSOD
Sangg HELD AT LEGISLATIVE SESSION HALL, CITY OF MASBATE ON DECEMBER 20, 2022
uniang Introduced by: Hon. ROWENA R. TUASON - City Vice Mayor/Presiding Officer
Hon. RUBY M. SANCHEZ-MORANO - City Councilor
Panlun Hon. RODOLFO C. ABELLA - City Councilor
Hon. ROSEMARIE V. SALVACION - City Councilor
gsod Hon. JAMON J. ESPARES - City Councilor
Hon. MEDEN G. DIEZ - City Councilor
Hon. DENNIS S. PLACER - City Councilor
Hon. ALLAN T. LIM - City Councilor
Hon. FRANCES R. AÑONUEVO - Ex-Officio Member/ Liga ng mga Barangay Federation President
Hon. JOHN LESTER B. PUNAY - Ex-Officio Member/ SK Federation President
Absent: Hon. RAMIL O. YANEZA - City Councilor
Hon. JARVEY JASPER D. BALA - City Councilor
On Leave: Hon. ALBERTO R. ABAYON - City Councilor
RUBY ORDINANCE NO. 335-2022
M.
AN ORDINANCE PROVIDING FOR THE CITY OF MASBATE INVESTMENT AND INCENTIVE CODE OF 2022
SANC
WHEREAS, pursuant to Section 192 of Republic Act No. 7160 or the “Local Government Code of 1991” all local
HEZ-
government unit may, thru an Ordinance fully approved grant tax exemption, incentive and relief under such
MORA terms and conditions as they may deem necessary;
NO
WHEREAS, Sections 14 and 16 of Republic Act No. 7160 otherwise known as the Local Government Code of 1991,
City provides for corporate existence of the Local Government Units and that within their respective territorial
Counci jurisdictions, they shall enhance economic prosperity and promote full employment;
lor/Aut
5WHEREAS, Section 18 of the same Code, further provides that the Local Government Units shall have the power and
hor authority to establish an organization that shall be responsible for the efficient and effective implementation
of their development plans, program objectives and priorities; to create their own sources of revenue and to
levy taxes, fees and charges which shall accrue exclusively for their use and disposition and which shall be
retained by them;
WHEREAS, Local Investment and Incentives Code anticipates the City’s investment policies and programs, Investment
Priority Areas (IPA’s), local incentives (fiscal or non-fiscal) available to domestic and foreign investment and
the mechanics for availing them;
ROWE 1WHEREAS, the existing City of Masbate Investment and Incentive Code approved in 2007 and amended in 2011 needs
NA R. to be updated, modified or repealed to meet the current demand of time supportive of the city’s
TUAS vision/mission and general development goals and objectives consistent with its Comprehensive Land Use
Plan and Zoning regulations;
ON
City 6WHEREAS, DILG Memorandum Circular Nos. 2010-113 and 2020-167 provides for the guidelines and mandates the
Vice designation of Local Economic Development and Investment Promotions Officer (LEDIPO), defining its
official functions and providing appropriations therefor. Further, encouraged Local Government Units
Mayor/ Executives to designate a Local Economic and Investment Promotions Officer as economic partner in
Presidi attracting more investments to enhance local economic activities;
ng
7WHEREAS, guided by DILG-DTI Joint Memorandum Circular No. 2011-01, Masbate City needs to formulate its new
Officer Masbate City Investment and Incentive Code of 2022 incorporating therein the creation of the Local
Economic Development and Investment Promotions Office and the designation of the Local Economic
Development and Investment Promotion Officer as mandated under DILG Memorandum Circular No. 2010-
113 and 2020-167, which is expected to accelerate the economic development of the City of Masbate;
3WHEREAS, as the City sustain mark in the national economy, the City Government of Masbate aims to bolster a
sustainable local economic development by engaging multi-stakeholder and participatory process as this will
stir the public, business and non-governmental sectors to address problems and create better conditions for
SOCR investment leading to economic growth and development;
ATES NOW THEREFORE BE IT ORDAINED by the Sangguniang Panlungsod of the City of Masbate in session duly assembled,
M. that:
TUAS CHAPTER I
ON GENERAL PROVISIONS
City
Mayor Article I
Title and Declaration of Policy

SECTION 1. Title. This Ordinance shall be known as the “City of Masbate Investment and Incentive Code of 2022”.

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DANN SECTION 2. Declaration of Policy. To accelerate the sound development of the City of Masbate in accordance with the
Y A. City’s vision “By 2030, A vibrant City of Masbate; the country’s Marine Sanctuary with disciplined and
FUNEL empowered Masbateños living in a socio-ecologically balance and disaster resilient environment governed
AS by proactive and accountable leaders”, it is hereby declared to be the policy of the City to encourage,
investments, expansion and diversification that will provide services, employment opportunities, generate
Secret income, raise the standard of living of the people, maintain and enhance the socio-ecological balance that
ary to will provide an equitable distribution of wealth in the City of Masbate.
the
Article II
Sangg Definition of Terms
uniang
SECTION 3. Definition of Terms. When used in this Code, the following terms shall be used as follows:
Panlun
a. Board - shall refer to the City of Masbate Investment and Incentive Board (CMIIB), created under this
gsod
Code.
b. Bona fide Resident - refers to a person who is a resident of the City of Masbate for at least six (6)
months.
c. Capitalization – refers to total assets required to start an enterprise activity.
d. City - shall mean the City of Masbate covering all the areas within its territorial jurisdiction as provided
RUBY by law.
M. e. Code - shall refer to the City of Masbate Investment and Incentive Code of 2022.
SANC f. Enterprise - includes single proprietorship, partnership, corporation, cooperatives and joint ventures
HEZ- agreement engaged in industry, agri-business and/or services included in Investment Priority Areas
MORA provided under this Code
NO g. Existing Enterprise- refers to establishment/enterprise whose place of operation or production is located
City within the territorial jurisdiction of the City and before the enactment of this Code.
Counci h. Expansion – shall include modernization and rehabilitation and shall mean increase of existing volume
lor/Aut or value of production or upgrading the quality of the registered product or the utilization of inefficient or
hor idle equipment.
i. Fiscal Incentives - shall refer to tax incentives and other monetary incentives that may be granted by
the City under this Code.
j. Inclusive Business Activities - Inclusive business is a form of business that aims at facilitating and
fostering economically vulnerable people's participation in economic life – by easing access to a stable
and sufficient source of income, to essential goods and services, or to valuable credits and loans.
k. Local Economic Development and Investment Promotions Office (LEDIPO) – is an office that will take
ROWE charge to all activities related to investment facilitation and promotion activities, local enterprise
development, establishment of support mechanisms for the growth of Small and Medium Enterprises
NA R.
(MSMEs), provide mechanisms for business retention and expansion and other business and economic
TUAS activities to attract investments and generate employment.
ON
l. New Enterprise - refers to a new investment that is within the Priority Investment Area that is not
City engaged in any kind or type of business, which is interested in establishing its place of operation or
Vice production in the City of Masbate such as, Small, Medium and Large Enterprises. Any business activity
Mayor/ or enterprise engaged in industry, agribusiness and/or services, whether single proprietorship,
Presidi cooperative, partnership or corporation whose total assets, inclusive of those arising from loans but
ng exclusive of the land on which the particular business entity’s office, plant and equipment are situated;
Officer must have value falling under the following enterprises:
Micro Not more than 3,000,000
Small Php 3,000,001 to Php 15,000,000
Medium Php 15,000,001 to Php 100,000,000; and
Large more than Php 100,000,000
m. New Enterprise Activity – refers to those undertaken by a newly formed/organized entity, be it individual
SOCR or juridical.
ATES n. Non-Fiscal Incentives – shall refer to the non-tax and non-monetary privileges, such as premium
M. services or assistance, that may be given by the city to certain enterprises under this Code.
TUAS o. Priority Investment Areas (PIA)- shall mean the economic activities as enumerated in Section 13 of the
ON Code
City p. Registered Enterprises- shall mean those enterprises/businesses which have already qualified for
Mayor incentive.

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DANN
Y A.
FUNEL
AS
Secret CHAPTER II
ary to CITY OF MASBATE INVESTMENT AND INCENTIVE BOARD
the Article III
Sangg City of Masbate Investment and Incentive Board
uniang
Panlun SECTION 4. The City of Masbate Investment and Incentive Board. There is hereby created a City of Masbate Investment
Incentive Board (CMIIB) to implement the provisions of this Code.
gsod
SECTION 5. Composition of the Board. The Board shall be composed of the following:
Chairman: City Mayor
Vice-Chairman: SP Member/Chairman, Committee on Economic Development, Cooperative, Trade
and Commerce
Members: Provincial Director, Department of Trade and Industry (DTI)
RUBY
City Economic Enterprise Manager
M.
SANC Masbate Association of Business Sector Representative
HEZ- Small Scale Enterprise Representative
MORA Representative of the Provincial Governor
NO Representative, Masbate Banker Association
City
Representative, Masbate Consumers Federation
Counci
City Treasurer
lor/Aut
hor Committee on Ways and Means
Business Permit and Licensing Office (BPLO)
City Planning and Development Coordinator (CPDC)
City Legal Officer
Secretariat: Local Economic Development Investment and Promotion Officer (LEDIPO)

ROWE The representatives of the private sector shall be appointed by the City Mayor, upon the recommendation of
NA R. the sector/entities they represent.
TUAS SECTION 6. Meetings and Quorum of the Board. The first organizational meeting of the Board shall be held within fifteen
ON (15) days after the effectivity of this Code, to determine its internal policies and guidelines. Thereafter, the
City Board shall meet at least once every quarter or as often as may be necessary on such a day and time as it
may fix. The presence of at least a majority of the members shall constitute a quorum to perform its
Vice
functions.
Mayor/
SECTION 7. Powers and Functions of the Board. The following shall be the powers and functions of the Board:
Presidi
ng a. Policy formulation, approval and direction of the Investment Promotion Assistance Center;
Officer b. Recommend any modification of incentives and reclassification of priority investment areas subject to
the approval of the Sangguniang Panlungsod;
c. Approval of the application of projects for registration;
d. Program direction of investment promotion activities on the area; and
e. Other functions as may deemed related to investments.

Article IV
SOCR Local Economic Development and Investment Promotions Office (LEDIPO)
ATES SECTION 8. Creation. The Local Economic Development and Investment Promotions Office (LEDIPO) is created to
M. serve as a body that implements the local investment policies. It shall serve as the one-stop shop action
TUAS center of the City Government and shall be established as a separate unit.
ON SECTION 9. Legal Basis. DILG Memorandum Circular No. 2010-113 and 2020-167 provides for the guidelines and
City mandates the designation of Local Economic Development and Investment Promotions Officer (LEDIPO),
Mayor defining its official functions and providing appropriations therefor. Further, encouraged Local Government
Units Executives to designate a Local Economic and Investment Promotions Officer as economic partner in
attracting more investments to enhance local economic activities.
Executive Order No. 010-2021, issued by the Local Chief Executive, mandates the establishment of Local
Economic Development and Investment Promotions Office and subsequently designating a Local Economic
CITY OF MASBATE INVESTMENT AND INCENTIVE CODE OF 2022
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DANN Development and Investment Promotions Officer, defining its functions, organizational setting and structure
Y A. and providing appropriations therefor.
FUNELSECTION 10. Objectives. The Local Economic Development and Investment Promotions Office (LEDIPO) shall have the
AS following objectives:
Secret 1. To recommend policies to the Board pertaining to investment measures to spur the development of the
ary to industry in the area;
the 2. To administer research works on the industry and project profiles;
Sangg 3. To update database to make the IPAC effective in performing its functions;
uniang 4. To formulate and implement proactive marketing strategies to entice investments in prospective and
Panlun priority areas; and
gsod
5. To evaluate and recommend qualified applicants for registration in order to avail the incentives.
SECTION 11. Qualifications and Composition of the LEDIPO. The LEDIPO shall have the following personnel composition
and qualifications:
1. One (1) Local Economic Development Investment Promotion Officer (LEDIPO) - Relevant Bachelor’s
Degree preferably accounting major, Marketing, Economics or Management graduate with at least 3
years of relevant training or experience in business development, investment promotion, tourism, and
RUBY with compensation equivalent to Salary Grade 25 or City Department Head I.
M.
2. One (1) Economist IV - preferably Marketing, Economics or Management graduate with at least 3 years
SANC of relevant training or experience, computer literate and with compensation equivalent to Salary Grade
HEZ- 22. Eligibility: Civil Service Professional, or any other 2nd level eligibility.
MORA 3. One (1) Investment and Promotion Officer III - preferably an Economics, Agricultural Business,
NO Agricultural Economics or Management graduate with at least 1 year of relevant training or experience,
City computer literate and with compensation equivalent to Salary Grade 18.
Counci 4. One (1) Marketing Officer I - preferably Communication Arts, Marketing and Management graduate,
lor/Aut computer literate and with compensation equivalent to Salary Grade 11.
hor The above cited personnel shall be appointed by the Mayor upon the recommendation of the City of
Masbate Investment and Incentive Board and the Personnel Selection and Promotion Board.
SECTION 12. Functions. The Local Economic Development and Investment Promotions Office (LEDIPO) shall perform the
following functions:
1. Responsible for evaluation of applications for registration and application for availment of local
incentives;
2. Provide assistance to clients in identifying business or joint venture partners, sourcing out skilled
ROWE manpower and service providers and facilitating concerns;
NA R.
3. Provide assistance to clients in identifying business or joint venture partners, sourcing out skilled
TUAS manpower and service providers, and facilitating concerns encountered by investors and conduct
ON research on the possible investment areas;
City 4. Monitor and evaluate project implementation of registered enterprises as well as new investments
Vice within the locality;
Mayor/ 5. Formulate plans and strategies on strengthening networking relationships;
Presidi
6. Prepare and disseminate investment promotion collaterals including briefing to investors;
ng
Officer 7. Provide adequate recommendations on the existing legislation and procedures for local investments;
8. Provide assistance in the preparation of the annual investment priority plan of locality;
9. Develop marketing, public relations promotional and advertising plans;
10. Analyze the investment incentive application;
11. Prepare financial statements and investment briefing reports;
12. Assist investors in investment related concerns;
SOCR 13. Serve as Secretariat to the Board; and
ATES 14. To facilitate within fifteen (15) days upon receipt of all application.
M. CHAPTER III
TUAS PRIORITY INVESTMENT AREAS
ON
City Article V
Mayor Coverage Priority Investment Areas

SECTION 13. Priority Investment Areas. A list of priority areas shall be provided to investors in reference to the Zoning
Ordinance of the City of Masbate.
SECTION 14. Coverage of Priority Investment Areas. Priority shall be given but not limited to such business
enterprises/establishments herein provided as follows:
CITY OF MASBATE INVESTMENT AND INCENTIVE CODE OF 2022
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Ordinance No. 335-2022
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DANN a. Agri-Business
Y A. b. Tourism and Recreational Facilities
FUNEL c. Light Manufacturing and Assembly
AS
d. Consumer Manufactures
Secret
e. Property Development
ary to
the f. Health, Wellness and Sports Facilities
Sangg g. Education
uniang h. Technology
Panlun i. Eco-industry
gsod j. Infrastructure and Services
k. Other Inclusive Business
The investment areas herein provided, being general priority investment areas in the City of Masbate may
be expanded by the Board as may be warranted by the City’s business atmosphere.

Article VI
RUBY Appropriate Incentives to Registered Enterprises
M.
SANC SECTION 15. Fiscal Incentives. A registered enterprise qualified under this code shall enjoy the following fiscal incentives:
HEZ- i. Exemption from Business Tax on Gross Sales or Receipts based on the following classification:
MORA Year Micro Small Medium Large
NO st
1 Renewal 100% 100% 100% 100%
City nd
2 Renewal 75% 75% 75% 75%
Counci rd
3 Renewal 50% 50% 50% 50%
lor/Aut
hor ii. Exemption from the payment of Mayor’s Permit Fee for new enterprises for a period of 1 year;
iii. Exemption from Amusement Tax for amusement/tourism-related activities for 1 year;
iv. Exemption from annual fixed tax for delivery truck or van on the first year of operation for industries
engaged in manufacturing/production.
SECTION 16. Non-fiscal Incentives. Other than fiscal incentives, registered enterprises shall likewise be granted non-fiscal
incentives through the Masbate City Investment Incentive Board, who shall:
1. Provide concise and comprehensive information to prospective investors about the economic priorities
ROWE of the City Government, including target investment areas and the general conditions applicable to
NA R. incoming direct private investments;
TUAS 2. Formulate investment evaluation criteria and procedures to enhance transparency in the process of
ON granting government incentives;
City 3. Take the fullest possible account of the need of the investors for stability, growth and profit in their
Vice operations in the formulation or modification of policies or ordinances that will affect investments;
Mayor/ 4. Not interfere or modify any arrangement with the investors after details of the implementation of an
Presidi investment project has been accepted, approved and the ownership or management structure of the
ng enterprise has been established, unless the law provides otherwise;
Officer 5. Avoid undue distortion of completion between or among enterprises operating within the City
jurisdiction, whether domestic or foreign, when granting any special exemptions or incentives aimed at
encouraging investments in the identified target areas;
6. In accordance with law and where no local personnel or workers are capable or available, allow the
employment of qualified foreign personnel when necessary for the efficient operation of the enterprise
or technology transfer;
7. Provide assistance in the hiring and selection of staff and personnel through the City PESO;
SOCR 8. Provide express/ priority lane for the processing of Mayors’ Permit and other local permits;
ATES 9. Facilitate the provision of security measures and facilities, such as hotlines with the local fire and police
M. departments;
TUAS 10. Resolve all doubts concerning the benefits and incentives granted under an ordinance enacted for the
ON purpose of encouraging investment;
City 11. The City shall give special recognition/ award to enterprises.
Mayor 12. Other services or privileges that may be authorized by the Board.

CHAPTER IV
REGISTRATION OF ENTERPRISES

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DANN Article VII
Y A. Qualifications
FUNEL
SECTION 17. Qualifications of New Enterprises. New investors who intend to avail of the incentives provided in this Code
AS must meet the following qualifications:
Secret
1. That the business enterprise must have complied with all the requirements mandated under existing
ary to local and national laws and the Constitution;
the
2. That the prospective investment/expansion and or diversification must be in the list of Priority
Sangg Investment Areas;
uniang
3. That the prospective investor’s place of operation or production be located within the territorial
Panlun
jurisdiction of the City of Masbate;
gsod
4. That the new enterprise must have a capitalization of at least Three Million Pesos (Php 3,000,000.00)
pesos and will provide at least 75% labor force that are bonafide residents of the City of Masbate;
5. The new proposed enterprise must have a total capitalization/asset and direct employment of:
Classification Investment Cost Employment Requirement
Micro Not more than Php 3Million Not less than ten (10) persons
RUBY Small Scale Php 3Million to 15Million At least twenty (20) persons
M.
Medium Scale Over Php 15Million to 100Million At least One Hundred (100) persons
SANC
HEZ-
Large Scale Over Php 100Million Over One Hundred (100) persons
MORA SECTION 18. Qualifications of an Existing Enterprise. An existing enterprise may avail of the incentives under this Code
NO provided that it meets the following qualifications:
City 1. That the business enterprise must have complied with all the requirements mandated under existing
Counci local and national laws and the Constitution;
lor/Aut 2. That the expansion/diversification must engage in activities covered under the Priority Investment
hor Areas;
3. That in the case of enterprise whose place of operation or production is already located in the City of
Masbate, and who shall register to avail these incentives will be required to expand its existing
production capacity or construct new buildings and civil works for the installation of new machineries
and equipments or improvements thereof, which will result in an increase in production capacity; and
4. That the expansion/diversification shall have capitalization of at least Five Million Pesos (Php
5,000,000.00) Pesos and will provide 75% labor force that are bonafide residents of the City of
Masbate.
ROWE
SECTION 19. Application Requirements. Application shall be filed with the Board which shall be recorded in a registration
NA R.
book and the date and stamped appearing on the application shall be considered as the date of official
TUAS receipt thereof.
ON
A payment of non-refundable/non-transferable filing fee of Two Thousand Five Hundred (Php 2,500.00)
City Pesos shall be paid together with the following documents:
Vice
a. Three (3) copies of accomplished application forms to be provided for by the Board;
Mayor/
Presidi b. A copy of its Articles of Incorporation and By-Laws and Certificate of Registration as approved by the
Securities and Exchange Commission (SEC), for corporations; Articles of Cooperation and By-Laws
ng approved by the Cooperative Development Authority (CDA), for cooperatives; Business Name
Officer Registration Certificate from the Department of Trade and Industry (DTI), for sole proprietorship and
Certificate of Registration if registered with the Board of Investment (BOI), as the case may be;
c. Resolution of the applicant’s Board of Directors, in case of cooperative or a corporation, authorizing the
filing of the application
d. For existing enterprise, a copy of the latest audited financial statement.
SECTION 20. Application Process. All applications must be filed with the Board through the LEDIPO. The same shall be
recorded in a registration book which date of official acceptance shall be reckoned on the date the
SOCR proponents comply with all the application requirements abovecited Section and that the same are duly
ATES received by the LEDIPO.
M. Applications for Registration shall be acted upon by the LEDIPO within the ten (10) working days from the
TUAS official acceptance and that the same shall be submitted to the Board with an additional ten (10) working
ON days for their proper disposition. All applications shall only be deemed approved or disapproved by the
City Board in a meeting duly held for the purpose.
Mayor SECTION 21. Registration Agreement. A registered enterprise under this code, shall enter into a Registration Agreement
with the City of Masbate. The Registration Agreement shall set forth the undertaking of the registered
enterprise, its rights and obligations, conditions for availment of incentives and other terms and conditions
as may be determined by the Board.

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DANN SECTION 22. Approval and Registration Procedures. The Board is authorized to adopt rules and regulations to facilitate
Y A. action on applications filed with it; prescribed criteria for the evaluation of several applications filed in one
FUNEL preferred area; and devise standard forms for use of applicants.
AS SECTION 23. Certificate of Registration. A registered enterprise under this code shall be issued a Certificate of
Secret Registration with the signature of the Chairman and/or such other officers as the Board may empower and
ary to designate for the purpose. The Certificate of Registration shall be in a form and style as the Board may
determine. This Certificate shall then serve as the applicants proof in availing the incentives and privileges
the
granted under this Code.
Sangg
SECTION 24. Criteria for Evaluation of Applications. The following criteria will be considered in the evaluation of
uniang
applications for new enterprises:
Panlun
a) The economic rates of return;
gsod
b) The measured capacity provided that estimates of measured capacities shall be regularly reviewed and
updated to reflect changes in market supply and demand conditions. Provided, further, that measured
capacity shall not result in a monopoly in any priority investment and development areas which would
unduly restrict trade and fair competition in any field of activity or endeavor;
c) The amount of foreign exchange earned, used or saved in their operations;
RUBY d) The extent to which labor, materials and other resources obtained from indigenous sources utilized;
M. e) The extent to which technological advances are applied and adopted to local conditions; and
SANC f) Such other criteria as the Board may determine.
HEZ- SECTION 25. Appeal from Board’s Decision. Any order or decision of the Board, including the Cancellation of the
MORA Certificate of Registration pursuant to Section 27 hereof shall be final and executory after thirty (30) days
NO from its promulgation. Within the said period, said decision may be appealed to the Office of the
City Sangguniang Panlungsod. When an appeal has been filed, said order of decision shall be final and
Counci executory ninety (90) days after the application of the appeal unless reversed.
lor/Aut Article VIII
hor Rights, Privileges and Obligations of Registered Enterprises

SECTION 26. Duties and Responsibilities of a Registered Enterprise.

A. Submission of Reports and other Documents – Every Registered Enterprise shall submit to the Board
the following reports and/or documents within the time herein prescribed:
i. Amendments of Articles of Incorporation or By-Laws, or Articles of Partnership, or Articles of
Incorporation, within thirty (30) calendar days from the date of submission of said amendments with
ROWE the Securities and Exchange Commission or Cooperative Development Authority;
NA R. ii. Change of Directors within thirty (30) days from the date of such change;
TUAS iii. Report on alien officers or employees within thirty (30) days from date of registration or from the
ON appointment of such aliens/replacements; Provided: that such aliens are registered as much with
City the Bureau of Immigration and Deportation (BID), and with the Department of Labor and
Employment (DOLE);
Vice
Mayor/ iv. Report on employment of bona fide residents of the City of Masbate residents within thirty (30)
calendar days from the date of the appointment and their replacement;
Presidi
ng v. Audited Financial Statements, within thirty (30) calendar days after its submission to the Bureau of
Officer Internal Revenue;
B. Compliance with the Provisions of this Code – The Certificate of Registration of a Business Enterprise
as provided in this Code, may be cancelled or revoked due to the following:
i. Violation of any of the provision of this Code; and
ii. Failure to commence actual project development within three (3) months from approval or
Registration, except force majeure:
SECTION 27. Cancellation of Certificate of Registration. Cancellation or revocation of the Certificate of Registration shall
SOCR mean withdrawal of all incentives granted under this Code, and all fees and charges from the time it was
ATES revoked shall be forfeited in favor of the City Government of Masbate.
M. Upon recommendation of the LEDIPO, for valid cause, the Board may cancel or revoke the Certificate of
TUAS Registration of the concerned business enterprise through a formal written notice and shall take effect on
ON the 16th day from receipt thereof.
City Article IX
Mayor Miscellaneous Provisions

SECTION 28. Submission of Reports and other Documents. Every registered enterprise shall, for each Preferred/ Priority
Area of Investments, submit to the Board the following reports and/ or documents within the herein
prescribed:
CITY OF MASBATE INVESTMENT AND INCENTIVE CODE OF 2022
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DANN a. Amendments of Articles of Incorporation or By-Laws, Articles of Partnership, or Articles of Cooperation
Y A. within thirty (30) calendar days from the date of submission of the said amendments with the Securities
FUNEL and Exchange Commission or Cooperative Development Authority;
AS b. Change of Directors within thirty (30) calendar days from the change;
Secret c. Quarterly Report on employment of bonafide City of Masbate residents including regular, contractual,
ary to temporary or hired through an agency within thirty (30) calendar days from the end of each quarter;
the d. Quarterly Report on the enterprise’s business operations, including its production or gross sales or
Sangg receipts and the list of products and services that it provides to its customers within thirty (30) calendar
uniang days form the end of each quarter;
Panlun e. Audited Annual Financial Statements within thirty (30) calendar days after its submission to the Bureau
gsod of Internal Revenue (BIR);
f. Report on the total local incentives availed under this Code; and
g. Other reports that may be required by the Board or the Center.
SECTION 29. Penal Clause. Any violation of the provision of this Code, existing laws, Ordinances, rules and regulations,
shall be ground for the cancellation or revocation of the registration of the business and the withdrawal of all
incentives granted under the Code.
RUBY The Certificate of Registration of a business enterprise, as provided in this Code and these rules, may be
M. canceled or revoked due to the following:
SANC a. Violation of the provisions of this Code and these Rules;
HEZ-
b. Violation of existing local and national laws, Ordinances, rules and regulations;
MORA
NO c. Failure to commence actual project development within one (1) year from approval of registration; and
City d. Material misrepresentation or fraud for the purpose of availing the incentives provided for in this Code.
Counci Cancellation or revocation of the Certificate of Registration based on the above grounds shall mean the
lor/Aut withdrawal of all incentives granted under this Code, and all fees, charges and taxes, previously exempted,
hor including surcharges and interest shall become due and demandable.
Upon the recommendation of the LEDIPO, the Board may cancel or revoke the Certificate of Registration of
the concerned business enterprise through a formal written notice to the effect, and shall become effective
on the 16th day from receipt thereof.

CHAPTER V
APPROPRIATIONS

ROWE Article X
Funding Source
NA R.
TUAS SECTION 30. Appropriations. An initial funding to defray the expenses for or incidental to the implementation of the
ON provisions of this Code and of the Masbate City Investment and Incentive Board shall be secured from the
City City Government of Masbate General Fund in the amount of One Million Pesos (Php 1,000,000.00).
Vice Thereafter, the City Government shall appropriate an annual budget, to be prepared and submitted by the
Investment Promotion and Assistance Center Officer for the operational functions of the Board and the
Mayor/
Center, which is necessary for the implementation of the provisions of this Code, subject to the usual
Presidi government accounting and auditing rules and regulations.
ng
Officer Article XI
Final Provisions

SECTION 31. Applicability Clause. All other matters relating to the implementation of this Code shall be governed by
pertinent provisions of existing laws and other ordinances.
SECTION 32. Repealing Clause. All previous ordinances, executive orders, rules and regulations or parts thereof which
are inconsistent with this ordinance are hereby repealed and/or modified accordingly.
SECTION 33. Separability Clause. If any provision/s of this Ordinance or the application of such provision/s to any person
SOCR or circumstances is declared invalid, the remainder of the Ordinance or the application of such provision/s to
ATES other person/s or circumstances shall not be affected by such declaration.
M. SECTION 34. Effectivity Clause. This Ordinance shall take effect after compliance of the publication requirement as
TUAS provided for under Republic Act No. 7160 or the “Local Government Code of 1991”.
ON
ENACTED December 20, 2022
City X-------------------------------------------------------------------------------------------------------------------------------------------------------------------X
Mayor We hereby certify to the correctness of the foregoing Ordinance duly enacted by the Sangguniang Panlungsod during its 23rd
Regular Session on December 20, 2022.

CITY OF MASBATE INVESTMENT AND INCENTIVE CODE OF 2022

Page 8 of 9
Ordinance No. 335-2022
Incorporated: BPLO Comment, City Legal Comment, Tam corections, Momay review
DANN RUBY M. SANCHEZ - MORANO DANNY A. FUNELAS
Y A. City Councilor/Author Secretary to the Sangguniang Panlungsod
FUNEL
AS
Secret ATTESTED AND CERTIFIED
ary to TO BE DULY ADOPTED
the
Sangg
uniang
Panlun ROWENA R. TUASON
City Vice Mayor/Presiding Officer
gsod

Approved on ________________
(Date)

RUBY
M. SOCRATES M. TUASON
City Mayor
SANC
HEZ-
MORA
NO
City
Counci
lor/Aut
hor

ROWE
NA R.
TUAS
ON
City
Vice
Mayor/
Presidi
ng
Officer

SOCR
ATES
M.
TUAS
ON
City
Mayor

CITY OF MASBATE INVESTMENT AND INCENTIVE CODE OF 2022

Page 9 of 9
Ordinance No. 335-2022
Incorporated: BPLO Comment, City Legal Comment, Tam corections, Momay review