Section 1. — Title – This ordinance shall be known as “The Comprehensive Investment Incentives Ordinance of the Municipality of Miagao” Section 2. Declaration of the Policies

1) It is the responsibility of the Municipality of Miagao to attract, promote and welcome private Filipino and foreign investments in industry, trade, tourism, scientific and technological transfers, agriculture, waste management/treatment facilities, and other sectors of the economy which can provide significant employment opportunities to local qualified residents relative to the amount of the investment, increase productivity of the land and improve utilization of the products thereof; improve technical skills of the people employed in the enterprises, and provide a foundation for the acceleration and enhancement of the local as well as the national economy.

2) Unless otherwise provided herein, the tax exemption and incentives shall take effect for a period of not more than five (5) years from the start of actual commercial operation of new or expanded enterprises as provided herein.

3) The Municipality shall grant to persons or entities whose businesses significantly contribute to the attainment of these objectives, such tax exemptions and incentives devised to compensate for market imperfections, and to reward performance contributing to economic development and enhancing local employment opportunities.

4) All registered and qualified persons or entity, both foreign and local, who are investors within the territorial jurisdiction of the Municipality of Miagao, will be granted tax exemptions or incentives with respect to local government taxes, fees and charges on business and on the gross sales or receipts for specific periods of time under this ordinance.