Investments Expected in Metro Subic
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Written by Loren
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Wednesday, 17 February 2010 |
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As SBMA (Subic Metropolitan Authority) pushes its expansion program this year, closest communities to the Subic Bay Freeport Zone may now look forward to hosting free port-registered investments.
Administrator Armand C. Arreza of SBMA said that they are expecting a jump in investments this year not only for fenced-in area of the Subic Freeport but as well as for its nearby communities.
Olongapo City, Subic town in Zambales, and Morong and Hermosa towns in Bataan are part of the said neighbouring area of SBMA.
SBMA will now finally spread development and directly help other communities.
Arreza said that they are just waiting for the release of implementing rules and regulations (IRR) so that it could start processing investment proposals meant for neighbouring areas.
The IRR, which has reportedly passed the scrutiny of agencies like the Bureau of Customs, governs the flow of goods and services in the areas qualified for tax and duty free privileges as provided for under Executive Order No. 675, signed by President Arroyo on November 5, 2007.
With this expansion program, more investments are expected that could help nearby communities as well as its constituents. [via mb.com.ph]
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