THE DAVAO City council is now reviewing a proposal to give parking facility investors a five-year break from paying real estate taxes. Councilor Jimmy G. Dureza, chair of the council committee on trade, commerce and industry, said the incentive will be for those who will build a parking structure of at least two floors. The proposal, Mr. Dureza said, is intended to help address “the parking problem” in the city. Existing buildings with parking spaces as required under the National Building Code will also be granted the incentive, but only for half the tax value of the property. Earlier, Lemuel G. Ortonio, Davao City Investment Promotion Center head, said several companies have proposed to set up parking facilities after taking account of the worsening parking problem, especially in the downtown area. Mr. Ortonio said the incentive proposal, which his office proposed, is also intended to help in the implementation of the city government’s “no street parking” policy. “We want a longer incentive (for parking space investors) because setting up a parking facility is not only capital intensive, but the investor will have a longer return of investment,” he said. — Carmelito Q. Francisco

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