DTI deputizes SBMA and CDC
By Elaine Ruzul S. Ramos - Manila Standard
The Department of Trade and Industry has deputized the Subic Bay Metropolitan Authority (SBMA) and the Clark Development Corp. (CDC) to process applications for government incentives.
DTI Secretary Peter Favila said the initiative is expected to facilitate smoother flow of investments in the Philippines as investment promotion agencies of government harmonize their registration procedures.
Under a memorandum of understanding, SBMA and CDC will accept and evaluate applications from enterprises qualified to enjoy BoI incentives.
DTI Undersecretary and BoI managing head Elmer Hernandez said the agreement would provide a seamless investment processing for incoming businessmen applying for government incentives.
President Gloria Macapagal Arroyo earlier issued EO 478 placing CDC and SBMA under the policy supervision of the DTI.
Hernandez said SBMA and CDC will form a team to harmonize application forms, documentary requirementsand evaluation procedures of BoI. BoI will also orient and train SBMA and CDC personnel on registration and supervision system.
SBMA and CDC will evaluate registration applications within one day and submit the processed documents to BoI the following day. BoI has the final approval on the project registration.
Favila said the government is making the environment friendlier to business. The enhanced registration system is more convenient for businessmen as they not shuttle from CDC and SBMA to BoI to process their papers.
“We are constantly studying our system to cut down red tape and hasten the location of more business in the country,” Hernandez said.
Signatories to the MoA were Hernandez, representing BoI, chairman Feliciano Salonga and administrator and chief executive officer Armand Arreza for SBMA; and chairman Rizalino Navarro and president and CEO Antonio Ng for CDC.
SBMA was created under Republic Act No. 7227. It operates and develops the 67,000-hectare area of Subic Bay Freeport (SBF) into a self-sustaining industrial, commercial, financial and investment and academe center.
The Department of Trade and Industry has deputized the Subic Bay Metropolitan Authority (SBMA) and the Clark Development Corp. (CDC) to process applications for government incentives.
DTI Secretary Peter Favila said the initiative is expected to facilitate smoother flow of investments in the Philippines as investment promotion agencies of government harmonize their registration procedures.
Under a memorandum of understanding, SBMA and CDC will accept and evaluate applications from enterprises qualified to enjoy BoI incentives.
DTI Undersecretary and BoI managing head Elmer Hernandez said the agreement would provide a seamless investment processing for incoming businessmen applying for government incentives.
President Gloria Macapagal Arroyo earlier issued EO 478 placing CDC and SBMA under the policy supervision of the DTI.
Hernandez said SBMA and CDC will form a team to harmonize application forms, documentary requirementsand evaluation procedures of BoI. BoI will also orient and train SBMA and CDC personnel on registration and supervision system.
SBMA and CDC will evaluate registration applications within one day and submit the processed documents to BoI the following day. BoI has the final approval on the project registration.
Favila said the government is making the environment friendlier to business. The enhanced registration system is more convenient for businessmen as they not shuttle from CDC and SBMA to BoI to process their papers.
“We are constantly studying our system to cut down red tape and hasten the location of more business in the country,” Hernandez said.
Signatories to the MoA were Hernandez, representing BoI, chairman Feliciano Salonga and administrator and chief executive officer Armand Arreza for SBMA; and chairman Rizalino Navarro and president and CEO Antonio Ng for CDC.
SBMA was created under Republic Act No. 7227. It operates and develops the 67,000-hectare area of Subic Bay Freeport (SBF) into a self-sustaining industrial, commercial, financial and investment and academe center.
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11:42 PM
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