Philippines To Build Maritime Park For Local Shipbuilders

Manila, Philippines (AHN) - The Subic Bay Metropolitan Authority in the Philippines has unveiled plans to create a 124-acre maritime park that offers tax incentives to local shipbuilders. The facility is aimed at boosting the country's local shipbuilding industry it was said.

SBMA Chairman Feliciano G. Salonga said the incentives include affordable rental schemes, tax and duty-free importation bundled with a 5 percent corporate tax on gross income, unrestricted entry of foreign investments, no foreign exchange control and four-to-five-year income tax holidays for investors.

He said the 124-acre center would form part of a much larger Subic Bay Maritime Industrial Park. The SBMA is currently undertaking a feasibility study to determine the extent of the project's cost.

Aside from the maritime park, locators can also use the SBMA's existing logistic facilities and systems for storage, loading and unloading, packaging, processing and information and transportation.

SBMA will also make use of the so-called Synchrolift system that will allow the raising and lowering of vessels in and out of the water for dry-docking. Use of the existing system will be offered for short- and long-term rental with low-cost terms.

Komfie Manalo - AHN Correspondent