Freeport's Tax and Duty Free Privileges
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Written by Loren
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Monday, 01 February 2010 |
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With the proposed development project of Ayala Land, Inc. (ALI) for Olongapo's business district, it is believed that extending the Subic Bay Freeport’s tax and duty-free privileges to the City of Olongapo could be a key factor in realizing the project.President and CEO Anotonio Aquino of ALI said that if fiscal incentives, like Subic’s minimal five percent gross income tax, will be extended to the 7,000-square meter Olongapo City Central Business District (CBD) Triangle, this would set the stage for robust trade in the area. Aquino added that the lifeblood of this project development is the hand of these tax and duty-free incentives would allow the planned tripartite committee that would also allow the planned tripartite committee to present attractive deals to win the cooperation of Olongapeños, particularly the business group. Administrator Armand Arreza of SBMA guaranteed Aquino that this prospect would be completed as soon as President Arroyo authorizes to practice the rules and regulations (IRR) of Executive Order No. 675. With this, Arreza and Aquino signed a memorandum of understanding with the Olongapo City government for the proposed Olongapo CBD Triangle project.
City of Olongapo is just waiting for the president's approval to decide what incentives they will offer and also to start the proposed development project in the area. [via findarticles.com] |
